Major Support/Resistance Levels- ES
Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change:Net long
Inside Day/Outside Day: Inside
Location of price relative to market profile: At POC
Notable overnight futures markets changes:
Up: ZW (Wheat), NKD (Nikkei), CT (Cotton), ZC (Corn), SB (Sugar), PA (Palladium), TF (Russell 2000 Index)
Down:KC (Coffee), NG (Nat Gas), SI (Silver), CC (Cocoa)
News for the day:
Retail Sales: 8:30a
Business Inventories: 10:00a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day:The markets are at a crossroads after the selloff last week. The bears are starting to build a case for lower prices as velocity is starting to pick up to the downside, but it is important to keep in mind that the S&P is still in an uptrend and the higher high is still intact on the daily chart. Until the trendline is taken out, the longerterm edge is still with the bulls. The premarket trading has been bullish after Citigroup's positive earnings as buyers have lifted the offers back to Friday's point of control (point of control). The natural inflection points for today when the market opens for business are the value area high (1824) and value area low (1812.5). Intraday edge is neutral/bullish.
ES Daily Trend: Neutral
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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