Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change: Neutral
Inside Day/Outside Day:Inside
Location of price relative to market profile: Near value area high
Notable overnight futures markets changes:
Up: ZM (Soybean Meal), SB (Sugar), CT (Cotton)
Down: PA (Palladium), GC (Gold), PL (Platinum), SI (Silver), CL (Crude Oil), ZC (Corn)
News for the day:
Consumer Price Index: 8:30a
Empire State Mfg Survey: 8:30a
Treasury International Capital: 9:00a
Housing Market Index: 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: For the millions of Americans each year who report their taxes, there are some who receive a reward from Uncle Sam while others who have to pay a penalty. Similarly, the markets rewards those traders who are prudent with their decisions while stopping out those traders who have not done their research. The S&P is currently at a crossroads with a potential change in market sentiment as the bears are starting to pick up momentum within the context of a long term uptrend. Yesterday saw significant volatility as Friday's high of 1828 was tested only for prices to trade within the daily range. The offers have lifted above it during premarket trading with the key area being 1830-1835 which had previously been support and now is a resistance level and could be a potential point where the bears would look for shorting opportunities. Intraday edge is neutral.
ES Daily Trend: Neutral
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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