Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change: Neutral/bullish
Inside Day/Outside Day:Inside
Location of price relative to market profile: At POC
Notable overnight futures markets changes:
Up: ZC (Corn), KC (Coffee), ZW (Wheat), ZM (Soybean Meal), ZO (Oats), ZS (Soybeans), CT (Cotton), ZL (Soybean Oil)
Down: HG (Copper), SI (Silver)
News for the day:
Employment Situation: 8:30a
International Trade: 8:30a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: CNBC's daily market headlines is starting to sound like a broken record- "S&P makes all-time highs." Even the most fervent bears will have to admit that trading with the trend has been the most profitable strategy dating back to 2013. Today marks a significant day from a news perspective with the employment situation coming out at 8:30a. The announcement of the monthly jobs numbers often provides the catalyst for higher prices or potentially a change in market sentiment due to longer timeframe traders entering the market who make their decisions based on macro events. Trading during the premarket has been primarily bullish, but all could change once the news is released. The key levels to watch will be Thursday's high (1881) and low (1871). Intraday day edge is neutral/bullish contingent upon the jobs report.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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