Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Net long
Inside Day/Outside Day: Outside
Location of price relative to market profile:Above value area
Notable overnight futures markets changes:
Up: Indexes, NKD (Nikkei), SB (Sugar), ZS (Soybeans), ZM (Soymeal), CL (Crude Oil), CT (Cotton), ZL (Soybean Oil), ZO (Oats), SI (Silver)
Down:6N (New Zealand Dollar)
News for the day:
Housing Starts: 8:30a
Industrial Production: 9:15a
Petroleum Status Report: 10:30a
Beige Book: 2:00p
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: When it comes to the markets, expect the unexpected. Just as the bears were starting to build some velocity and all of the CNBC pundits were warning of a major correction, traders have been buying the market this week. The importance of technical analysis cannot be understated. Despite the selloff last week, the market is still above the long term ascending trendline and making higher highs. Until the trendline or 200 daily MA is broken, the path of least resistance continues to be up as bulls are buying the dips. Premarket action has seen added buying ahead of the Janet Yellen speech this afternoon. The 20 day MA at 1853 is the key level to watch for today and should attract added trading. Intraday edge is neutral/bullish.
ES Daily Trend: Neutral
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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