Morning Update (7/23/13)

Major Support/Resistance Levels- ES

*Highlighted region(s) denote strong area(s) of support/resistance

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:NKD, NG
Down: SI, ZC, ZW, CL




News for the day:

Richmond Fed Manufacturing Index: 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: Prices are set to open right near the previous day high of 1693.  The volume has been anemic as the ES continues to make all-time highs so intraday volume will be key to watch, especially on moves above 1693.  If the bulls continue the upward momentum new buyers will have to step in, otherwise selling back into yesterday's range should be expected. Once again, 1690.5 will be a main point of support as it is Monday's point of control as well as the previous week's high. 

 Stock of the Day:Panera Bread (PNRA)

Earnings afterhours. Prices in the middle of the cloud and setting up for a strong directional play based on earnings results

ES Daily Trend: Strongly Bullish

ES Weekly Trend:  Strongly Bullish

ES Monthly Trend:  Strongly Bullish

Morning Update (7/22/13)

Major Support/Resistance Levels- ES

*Highlighted region(s) denote strong area(s) of support/resistance

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:SI, GC, CL

Down:NG, NKD, ZC

News for the day:

Existing Home Sales: 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: Prices look to open near the previous week/all-time high of 1690.50, which is the key level for the day.  If the market generates momentum above the level and spends time there, it is a clear indicator that bulls are driving prices higher.  However, if the market opens above the level, but is quickly rejected back into Friday's range, then the next point of support is at the value area high of 1685.75.  The main news for the day is existing home sales at 10a, a red star event, so keep a close eye on price volatility and location once the news is released.

 Stock of the Day:Netflix, Inc. (NFLX)

Reporting after the bell on Monday after making 52 week highs last week

ES Daily Trend: Strongly Bullish

 
                                               ES Weekly Trend:  Strongly Bullish

                                                           ES Monthly Trend:  Strongly Bullish

Cloud Trader Weekend Update (7/20/13)

Cloud review of the trading week that was and ideas for the week ahead after the ES made all-time highs!

Morning Update (7/19/13)

Major Support/Resistance Levels- ES

*Highlighted region(s) denote strong area(s) of support/resistance

Daily Outlook

Prior Day Market Sentiment: Bullish
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:CC, PL, SB, GC
Down: NKD, NG, ZC 


News for the day:
NONE



Projected ES price action for the day: The ES made all-time highs yesterday as prices did a "look up and see" to 1688.5 before pulling into the base that has been developing for the past week.  As for today, the market is set to open below value area low (1683) and above the previous day low (1677.5). If prices move up, look for a test of acceptance into the value area which should set up for a more balanced, range-bound day, especially with no major news on the calendar.  However, if prices can clear the previous day low, then the natural targets would be the VPOCs at 1671 and 1664.75.

 Stock of the Day:Google, Inc. (GOOG)

Afterhours earnings

ES Daily Trend: Strongly Bullish

 ES Weekly Trend:  Strongly Bullish

ES Monthly Trend:  Strongly Bullish

Morning Update (7/18/13)

Major Support/Resistance Levels- ES

*Highlighted region(s) denote strong area(s) of support/resistance

Daily Outlook

Prior Day Market Sentiment: Neutral/Bullish
Overnight Inventory Change:Selling
Inside Day/Outside Day:Inside Day
Location of price relative to market profile: At Point of Control
Notable overnight futures markets changes:
Up:NKD, SB
Down:ZC, ZS


News for the day:
Jobless Claims: 8:30a
Philly Fed Survey: 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 bulls continue to prop up prices near the all-time highs.  The longer we stay at these levels, the higher the probability that prices will move higher.  From an intraday perspective, we should open near the point of control (1676.5). Like yesterday, prices should test either the value area high/low and the previous day high/low from there.  The major trading range for the day is between 1674-1676.5, so look for a trading opportunity around breakout of this range.

 Stock of the Day: Ebay, Inc. (EBAY)

Earnings after market hours last night

ES Daily Trend: Strongly Bullish

ES Weekly Trend:  Strongly Bullish

ES Monthly Trend:  Strongly Bullish

Morning Update (7/17/13)

Major Support/Resistance Levels- ES

*Highlighted region(s) denote strong area(s) of support/resistance

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:CC, NKD
Down:6J, CL, NG, SI, HG


News for the day:

Housing Starts- 8:30a
Petroleum Status Report- 10:30a
Beige Book- 2:00p

*Red highlight indicates that the news is a market moving event;
yellow highlight indicates that the news merits attention


Projected ES price action for the day: 
The market should open near value area low. Watch for a test of the range between 1665.5-1667.5 as there is a confluence of support here.  If prices clear the range, expect a flush of selling to the next support level at S2 pivot (1659.5).  Otherwise, if buyers step in at the open, then the natural price movement would be to the value area high (1673.5). Big Ben will be speaking at 9a which could be a moving and shaking announcement.

 Stock of the Day:Yahoo, Inc. (YHOO)

Earnings reported last night (.35 Reported vs .30 Est EPS; 1.07 Bil Reported vs. 1.08 Bil Est Rev.)

ES Daily Trend: Strongly Bullish

ES Weekly Trend:  Strongly Bullish

ES Monthly Trend:  Strongly Bullish

Morning Update (7/16/13)

Major Support/Resistance Levels- ES

*Highlighted region(s) denote strong area(s) of support/resistance

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:ZC, KC, ZW, ZS, HO
Down:NKD


News for the day:
Consumer Price Index- 8:30a
Treasury International Capital- 9:00a
Industrial Production- 9:15a
Housing Market Index- 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: Prices should open near the Point of Control (1677.75).  As a result, prices look to test either the value area high to the topside or value area low to the downside.  From there, the next levels would be the previous day high/low. There are 2 red star news events which could shift trading sentiment and set the tone for the trading day ahead. 

 Stock of the Day:Baidu, Inc. (BIDU)

Bullish cloud break, 91 Wireless purchase, Upgrade from Citi

ES Daily Trend: Strongly Bullish

ES Weekly Trend:  Strongly Bullish

ES Monthly Trend:  Strongly Bullish

Morning Update (7/15/13)

Major Support/Resistance Levels- ES

*Highlighted region(s) denote strong area(s) of support/resistance

Daily Outlook

Prior Day Market Sentiment:Neutral/Bullish
Overnight Inventory Change: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up: NKD, NG
Down: ZC, ZW, CL, 6J


News for the day:
Retail Sales: 8:30a
Empire State Mfg Survey: 8:30a
Business Inventories: 10a

*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention


Projected ES price action for the day: Prices should open between value area high (1671.25) and the previous day high (1674.25).  If prices react positively to the premarket news, look for a test of the previous day high. If prices are accepted above this level, then the next target would be a VPOC at 1676.75 and above. However, if sellers step in, there should be a test of the value area high.  If prices are accepted into value then the higher probability would be for the market to be setting up for a balancing day.

 Stock of the Day: Citigroup (C)

Earnings today and and bullish cloud break

ES Daily Trend: Bullish

ES Weekly Trend:  Strongly Bullish

ES Monthly Trend:  Strongly Bullish

Cloud Trader Weekend Update (7/14/13)

Cloud Trader Weekend Update including analysis of the indexes, gold, financials, Japan, and more.