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:Above value area
Notable overnight futures markets changes:
Up: ZM (Soybean Meal), ZO (Oats), ZS (Soybeans), CL (Crude Oil), SB (Sugar), ZL (Soybean Oil), NG (Nat Gas), ZW (Wheat)
Down: KC (Coffee), CT (Cotton)
News for the day:
Pending Home Sales: 10:00a
Dallas Fed Mfg Survey: 10:30a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day:The markets are entering into a limbo state based on the current price patterns. The S&P is above the trendline and the ichimoku cloud support levels, but there is a potential head and shoulders setup on the daily chart. The right shoulder is currently being developed after the selloff from Thursday and Friday. The 20 and 50 daily moving averages are directly below at 1858 and 1855, respectively, and are the levels to watch for today. The bears will need to pull prices through the range before building any longer term sell side momentum. Intraday bias is neutral with prices currently trading inside of Friday's range near the value area high.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
No comments:
Post a Comment