Prior Day Market Sentiment: Bearish
Overnight Inventory Change:Balanced
Inside Day/Outside Day:Inside
Location of price relative to market profile: Near value area low
Notable overnight futures markets changes:
Up: Natural Gas (NG), Crude Oil (CL), Bonds (ZB), Euro (6E), 10 Year Treasury Note (ZN)
Down: Gold (GC), Dollar (DX)
Projected ES price action for the day:The S&P has been consolidating in a tight range for the past week after bouncing off the minor trendline resistance level dating back to February. We have seen below average volume coming in on the indexes recently, a signal that large institutional traders are awaiting further market catalysts before entering in positions. Overnight trading has been primarily balanced and the intraday tone is bullish.
News for the day:
8:30a: PPI-FD
8:30a: Retail Sales
10:00a: Business Inventories
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
S&P Daily Trend: Consolidation
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