Major Support/Resistance Levels- ES
Daily Outlook
Prior Day Market Sentiment: Neutral
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: ZL (Soybean Oil), ZW (Wheat), NG (Nat Gas), SI (Silver), KC (Coffee), HG (Copper), CL (Crude Oil)
Down: ZO (Oats)
News for the day:
Employment Situation: 8:30a
Factory Orders: 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:Today is the all-important employment report and is sure to provide the added volatility that index day traders and option traders crave. The consensus is for the addition of 215,000 and will be closely monitored after the announcement of the number. Of course, the reaction to the news as reflected on the time and sales is more important than the news itself. The daily chart pattern is more bullish and we have seen an increase in the value areas recently, but it is advisable to wait for the announcement before entering any positions. Intraday edge is neutral.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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