Prior Day Market Sentiment: Bullish
Overnight Inventory Change: Balanced
Inside Day/Outside Day: Inside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up: Gold (GC), Natural Gas (NG), Dollar (DX)
Down:Euro (6E), Crude Oil (CL)
Projected ES price action for the day: The S&P gained some traction yesterday and broke out of the multi-day consolidation on the daily chart. The market is now approaching some minor trendline resistance and could be marked as a potential reversal point. The overnight activity has been slightly to the bullish side and is trading above Thursday's range. Intraday bias is bullish.
News for the day:
8:30a: Import & Export Prices
2:00p: Treasury Budget
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
S&P Daily Trend: Horizontal
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