Major Support/Resistance Levels- ES
Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: At POC
Notable overnight futures markets changes:
Up: NG (Nat Gas), CC (Cocoa), PA (Palladium), HG (Copper), PL (Platinum), SB (Sugar)
Down:NKD (Nikkei), KC (Coffee)
News for the day:
Petroleum Status Report:
10:30a
Treasury Budget:
2:00p
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price
action for the day: Like Punxsutawney Phil emerging from it's hole last week, the bulls once came out of hibernation and bought up the markets in a strong way. After yesterday's 1% increase, the ES is now above the 20,50,& 200 daily moving averages. When there is such a big buy up during the RTH session, there typically is profit taking during the Globex session. However, prices have held steady near Monday's highs. If there is continued buying activity, the natural bullish target will be the VPOC at 1823.25. If there is a liquidation break at the open and prices selloff, then there should be a test of the 50 daily MA at 1814.5. Intraday edge is neutral. Longer term bias is still to the topside.
Stock of the Day: Tripadvisor Inc. (TRIP)- Breakthrough of cloud & trendline
ES Daily Trend: Neutral
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
Major Support/Resistance Levels- ES
Daily Outlook
Prior Day Market Sentiment: Neutral/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: NG (Nat Gas), 6A (Aussie Dollar), GC (Gold), PA (Palladium), 6N (New Zealand Dollar), NKD (Nikkei), ZO (Oats), ZW (Wheat)
Down:OJ (Orange Juice), CC (Cocoa), CT (Cotton)
News for the day:
NONE
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price
action for the day: A solid way to determine which side has a grasp on the markets is to measure the response when prices bounce off a trendline. If there is a minor bounce with low volume then the likelihood is for a reversal. If there is a larger bounce with above average volume and continuation in the upcoming days, then the path of least resistance is to continue with the trend. We have seen the latter. Prices currently stand at the swing pivot level of 1800 and look to continue higher after yesterday's balancing day. The ES is still trading in the middle of the ichimoku cloud on the daily chart and are near the 61.8% fibonacci retracement from the Jan 23rd high to the Feb 5th low. If prices can clear the 1802 retracement level which coincides with the swing pivot then the higher probability is for further upside. Based on the globex session, prices have risen above Monday's high of 1795.5 and any bounce off the level would confirm the buying. Intraday edge to the bulls.
Stock of the Day: Rackspace Hosting, Inc. (RAX)- CEO stepped down last night
ES Daily Trend: Neutral
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
Major Support/Resistance Levels- ES
Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Net short
Inside Day/Outside Day:Inside
Location of price relative to market profile: Between POC & Value area low
Notable overnight futures markets changes:
Up: ZL (Soybean Oil), PA (Palladium), SI (Silver), PL (Platinum), GC (Gold)
Down:ZO (Oats), NG (Nat Gas), KC (Coffee), SB (Sugar), ZW (Wheat), NKD (Nikkei)
News for the day:
NONE
*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 topped off a see-saw week by closing right near the high of the day on Friday after a positive reaction to the January jobs report. The ES is right near the swing pivot high level of 1793.75 which should attract some sellers looking to book profits. If the buying continues, the next target would be the round number of 1800. There has already been some profit taking during the globex session with the markets selling off back into Friday's value area. Any trading inside of value typically generates more choppy price action due to more two-sided trading that occurs since the markets are more fairly priced compared to a trending day. The wider the value area, the more likely the probability for a bounce at value area high/low. As a result, the value area low of 1780 will be a noteworthy level to watch if the selling continues at the open. Intraday bias is neutral until prices breakout of the value area.
Stock of the Day: Exxon Mobil (XOM)- Bearish cloud break
ES Daily Trend: Neutral
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
Major Support/Resistance Levels- ES
Daily Outlook
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: PL (Platinum)
Down:NG (Nat Gas), KC (Coffee), ZO (Oats), SB (Sugar)
News for the day:
Employment Situation: 8:30a
*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 had a strong continuation day yesterday after the bounce off of the daily trendline. Most of the losses have been recooped from the large red candle on Monday and the value area also has risen higher, which is a sign that both price and time are confirming the bullish activity. The buying has continued during the globex session ahead of the monthly jobs report coming out at 8:30a where the consensus is for 181,000 non-farm payroll jobs to be added to the economy. Of course, the market's reaction to the news is more significant than the number itself. When there is major announcements during the premarket, it is advisable to wait for the swing highs and lows to form from 8:30-9:30a and then trade around the levels when the markets open for trading. While the bias is bullish in the premarket, all can change after the news event.
Stock of the Day: Linked In (LNKD)- Earnings reported after the bell
ES Daily Trend: Neutral/Bearish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
Major Support/Resistance Levels- ES
Daily Outlook
Prior Day Market Sentiment: Neutral
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: NG (Nat Gas), SI (Silver), PA (Palladium), CL (Crude Oil), ZL (Soybean Oil), ZO (Oats), 6A (Aussie Dollar), HG (Copper), CT (Cotton), Indexes
Down: KC (Coffee)
News for the day:
International Trade:
8:30a
Jobless Claims:
8:30a
Productivity & Costs:
8:30a
*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 closed at the exact same price as Tuesday, although it wasn't for a lack of volatility. After a liquidation break from the open, the market sold off to the support level of 1732.25, only to see a slew of buyers step in and lift the offers back inside of the daily range. The bounce also coincided with the daily trendline support point. Additionally, the market profile development has overlapping value areas the past couple of days which has been cleared during the globex (overnight) session. The majority of the inventory has been net long and, when the markets open for trading, prices will have to hold above yesterday's high of 1750.75 to confirm the bullish intraday activity. Intraday edge to the bulls.
Stock of the Day: Twitter (TWTR)- Earnings reported after the bell
ES Daily Trend: Neutral/Bearish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
Major Support/Resistance Levels- ES
Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change: Neutral/bearish
Inside Day/Outside Day:Inside
Location of price relative to market profile: Below value area
Notable overnight futures markets changes:
Up: PA (Palladium), SI (Silver), PL (Platinum), CL (Crude Oil), CC (Cocoa), GC (Gold)
Down: NG (Nat Gas), NKD (Nikkei), ZW (Wheat), ZM (Soybean Meal), ZC (Corn)
News for the day:
ADP Employment Report:
8:15a
ISM Non-Mfg Index:
10:00a
Petroleum Status Report:
10:30a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price
action for the day: Trading the markets can be related to running a marathon. After the major selloff on Monday, the bears expended a significant amount of energy and needed to catch it's breath yesterday, resulting in a balance day of trading within yesterday's value area. The S&P is still trading near the daily trendline support level which could pose an attractive location for the bulls to buy on the dips. Watch closely for yesterday's high/low prices to be penetrated initially as the first inflection points of the day. If the low can be taken out, any trading below Monday's low of 1732.25 would be a strong catalyst for sellers to step up and build bearish momentum. Intraday bias is neutral/bearish.
Stock of the Day: Michael Kors Holdings Ltd (KORS)- Up 17% yesterday
ES Daily Trend: Neutral/Bearish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
Major Support/Resistance Levels- ES
Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change:Net long
Inside Day/Outside Day:Inside
Location of price relative to market profile: Near POC
Notable overnight futures markets changes:
Up: NG (Nat Gas), 6A (Aussie Dollar), KC (Coffee), 6N (New Zealand Dollar), CT (Cotton), HG (Copper), 6M (Mexican Peso)
Down:NKD (Nikkei), GC (Gold)
News for the day:
Factory Orders:
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 futures sold off in a huge way yesterday, down 45 handles and more than 2.3% for the day. The combination of profit taking from 2013 and the bears adding to their short positions caused a major trending day with the index trading below the 20-moving average on the 15 minute chart for the entire day. The ES is at a crossroads despite the big red day yesterday with prices right at the long term trendline on the daily chart dating back to June 2013 (see link below). The higher probability is at least for a modest bounce as trendlines attract additional traders to the markets combined with the short covering from yesterday with the first target being the daily pivot at 1748. If there is a liquidation break at the open and sell below yesterday's low of 1732.25 than the setup is for another bearish day. With prices trading right at yesterday's POC there is a neutral bias for intraday activity.
http://tos.mx/qXnkaD
Stock of the Day: Take Two Interactive Software (TTWO)- Made 52-week high yesterday
ES Daily Trend: Neutral/Bearish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
Major Support/Resistance Levels- ES
Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change:Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: Near value area low
Notable overnight futures markets changes:
Up: KC (Coffee), PL (Platinum), PA (Palladium), SB (Sugar), SI (Silver), 6A (Aussie Dollar)
Down: NG (Nat Gas), NKD (Nikkei), CC (Cocoa), ZL (Soybean Oil), 6B (British Pound)
News for the day:
PMI Manufacturing Index:
8:58a
ISM Mfg Index:
10:00a
Construction Spending:
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 been neutral during the overnight session and is set to open near Friday's close. After the most recent selloff the market has once again continued balancing in a lower range, but volatility has increased. Typically, the longer a market balances, the greater the push higher/lower as if prices were a springboard and were building up energy for the next move. The VIX also progressively increased the past week and the trend is starting to turn higher. At this point, a cluster of time and volume has been spent in the 1770-1780 range and a breakout of the range would be necessary before any high probability directional trades. The reference points for today are Friday's high and low of 1788.25 & 1764.75, respectively. Long term bias is still up until the trendline on the daily chart is penetrated. Intraday bias is a coin toss.
Stock of the Day: Yum Brands, Inc. (YUM)
ES Daily Trend: Neutral/Bearish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
