Major Support/Resistance Levels- ES
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:HG (Copper), SI (Silver), ZL (Soybean Oil), PA (Palladium), HO (Heating Oil), PL (Platinum), TF (Russell), GC (Gold), CL (Crude Oil)
Down:ZW (Wheat), NG (Nat Gas), ZC (Corn), OJ (Orange Juice)
News for the day:
Treasury Budget: 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:The S&P continues to trade in a holding pattern within the context of the long term ascending trend channel. There have been both bottoming tail and topping tail hammer candlesticks on the daily chart from last week with trading activity being conducted between the 1860-1880. Until there is clearance of the range, the higher probability is for more two way trading as both the bulls and bears look to build momentum for the next directional move. The market has been trading to the buy side during the globex session. The open will be key to see if the action continues above Friday's high of 1875, which is the level to watch for today. Intraday bias is neutral until further notice.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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