Prior Day Market Sentiment: Bearish
Overnight Inventory Change: Net short
Inside Day/Outside Day: Inside
Location of price relative to market profile: Below value area
Notable overnight futures markets changes:
Up:Natural Gas (NG), Crude Oil (CL), Dollar (DX)
Down: Euro (6E), Corn (ZC), Soybeans (ZS)
Projected ES price action for the day: The trading activity in the S&P can be likened to a rubber band. When prices are trading horizontally in a range, momentum is being built for the next move higher/low. It is similar to stretching one side of a rubber band before shooting it. The longer the market trades in a range, the more tension that is generated for when the move eventually happens, causing a springboard effect.
There has been some selling in the premarket as the S&P continues to trade in the high volume node from 2100-2115. Prices are testing the low of the range and could lead to further selling if the support level is cleared. Intraday tone is neutral/bearish.
News for the day:
8:15a: ADP Employment Report
10:00a: ISM Non-Mfg Index
10:30a: Petroleum Status Report
2:00p: Beige Book
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
S&P Daily Trend:Bullish
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