Major Support/Resistance Levels- ES
Daily Outlook
Prior Day Market Sentiment:Bearish
Overnight Inventory Change: Net short
Inside Day/Outside Day: Inside
Location of price relative to market profile: Near value area low
Notable overnight futures markets changes:
Up: ZW (Wheat), ZO (Oats), CT (Cotton), HG (Copper), SB (Sugar), KC (Coffee), NG (Nat Gas), ZC (Corn)
Down:NKD (Nikkei), ZL (Soybean Oil)
News for the day:
Empire State Manufacturing Survey: 8:30a
Treasury International Capital: 9:00a
Industrial Production: 9:15a
Housing Market Index: 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 has continued its pullback from the all-time highs made on June 9th. Thursday saw a wide range distribution during the selloff, while Friday's profile was primarily balanced with prices trading near Thursday's low. There has been more bearish activity during the globex session as the profit taking continues. The next major level of support is 1900 and will be in focus this week for an intraday long trade. The ES is still above the secondary trendline and until there is selling through the range, the tone continue to be to the buy side.
Stock of the Day:Medtronic, Inc. (MDT)- Stock recently upgraded
ES Daily Trend: Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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