Morning Update for Thursday, May 1st

Major Support/Resistance Levels- ES

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:NKD (Nikkei), PA (Palladium)
Down:CC (Cocoa), GC (Gold), ZM (Soybean Meal), ZC (Corn), NG (Nat Gas), CL (Crude Oil)



News for the day:

Jobless Claims: 8:30a
Personal Income & Outlays: 8:30a
PMI Manufacturing Index: 9:45a
ISM Manufacturing Index: 10:00a
Construction Spending: 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: The S&P is once again approaching the all-time highs after the Fed announcement yesterday.  The value areas have progressively been increasing, a sign that the large traders are buying up the markets. Premarket trading has been neutral with prices currently inside of value.  Intraday edge is neutral.

Stock of the Day: Sprint Nextel Corp. (S)- News of a reported buyout of T-Mobile

ES Daily Trend: Neutral/Bullish

ES Weekly Trend:  Bullish

ES Monthly Trend:  Bullish