Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change:Neutral
Inside Day/Outside Day:Inside
Location of price relative to market profile: Near value area low
Notable overnight futures markets changes:
Up: ZO (Oats), KC (Coffee), PA (Palladium), GC (Gold), SI (Silver), CT (Cotton), 6N (New Zealand Dollar), PL (Platinum), 6A (Aussie Dollar), CL (Crude Oil), 6B (British Pound), 6J (Yen)
Down: NKD (Nikkei), ZW (Wheat), ZL (Soybean Oil)
News for the day:
NONE
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: Like the NCAA basketball championship last night, the market has both winners and losers. The late buyers to the bull run who entered positions after Friday's jobs report has especially felt the selloff the past couple of days. The liquidation continued yesterday as the bears were at it once again. We are at a pivotal area of the chart on the ES given the fact that there is a triple bottom at 1832.25, the key level to watch for the day. Not coincidentally, there was a bounce yesterday at the high volume node on the composite profile at 1838, which also happened to be the point of control (POC) for the day. If prices can clear the 1832 area then the higher probability is for continued selling, especially since the trend would set up for trading below Monday's range. Intraday edge is neutral/bearish.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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