Major Support/Resistance Levels- ES
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:Crude Oil (CL), Gold (GC)
Down: Bonds (ZB), Natural Gas (NG)
News for the day:
8:30a: Import & Export Prices
10:00a: Consumer Sentiment
*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 bulls are starting to wrestle back control of the markets. Not only is the S&P trading above the cloud, prices also cleared the double top of 2062.5 with increasing volume building around the level. The next key point on the chart is the all-time high of 2088.75 and is on watch during premarket trading. Keep an eye on the open for additional buyers to step in and to lift the offers to all-time levels. If traders fade the level, then the higher probability is for a balancing day near the highs.
ES Daily Trend: Neutral/Bullish
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