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:NG (Nat Gas), 6N (New Zealand Dollar)
Down: ZM (Soybean Meal), ZS (Soybeans), ZC (Corn), ZW (Wheat), ZO (Oats)
News for the day:
International Trade: 8:30a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: You can't fault the bears for trying. Once again, sellers looked to push prices through the quadruple top that had been developing on the S&P daily chart and build bearish momentum after the jobs report from Friday. The bulls continue to be persistent however in buying the dip and furthering the trend of the neutral value areas that have been developing between 1870-1880 for the past 5 trading days. Any activity within the zone can be considered two-way trading since a significant amount of business had already been conducted at the levels. The premarket action has been neutral/long as the ES is approaching the previous day high of 1880, which is the key level to watch for today. Intraday edge is neutral until there is a breakout of the high volume range.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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