Morning Update for Monday 9/16/13

Major Support/Resistance Levels- ES

*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)

Daily Outlook

Prior Day Market Sentiment:Bearish
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: Indexes, 6A, ZB, ZN, SI, 6J, 6E
Down: VX, CL, NG, ZS, DX



News for the day:

Empire State Mfg Survey: 8:30a
Industrial Production: 9:15a

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


Projected ES price action for the day: Bullish. Prices gapped up at the open of premarket trading last night after news that Larry Summers was withdrawing his name from the Fed Chairman list. The markets looked favorably on the news with the ES above value and getting closer to the all-time high of 1705 which is the key level to watch.

Stock of the Day: Sohu.com Inc. (SOHU)

Up ~5% in the premarket

ES Daily Trend: Bullish

ES Weekly Trend:  Strongly Bullish

ES Monthly Trend:  Strongly Bullish

Weekend Update 9/15/13

Review of the week that was in the markets and preview of the week ahead. Fed minutes this week!

Morning Update for Friday, 9/13/13

Major Support/Resistance Levels- ES

*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)

Daily Outlook

Prior Day Market Sentiment: Neutral/bearish
Overnight Inventory Change: Neutral
Inside Day/Outside Day:Inside
Location of price relative to market profile:near POC
Notable overnight futures markets changes:
Up:--
Down:SI, GC, CL, NG



News for the day:

Producer Price Index: 8:30a
Retail Sales: 8:30a
Consumer Sentiment: 9:55a
Business Inventories: 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: You have got to love the choppy price action we saw yesterday on a contract rollover day. It resulted in another balancing day, so a breakout can be expected soon in one direction or the other. Prices look like they will open right near the POC, so two sided trading is the higher probability at this point. Bulls have had a challenge getting the ES above 1683 so that will be the key level to the topside. On the downside, 1675 will be a support area as it is yesterday's low and also where volume is starting to build up.

Stock of the Day: Daily Gold Miners Bear 3x (DUST)

*Large volume coming in

ES Daily Trend: Neutral/Bullish

ES Weekly Trend:  Bullish

ES Monthly Trend:  Strongly Bullish

Morning Update for Thursday, 9/12/13

Major Support/Resistance Levels- ES

*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)

Daily Outlook

Prior Day Market Sentiment:Bullish
Overnight Inventory Change:Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: At value area high 
Notable overnight futures markets changes:
Up: RB, HO, CL, 6J
Down: SI, GC, HG, PL, NKD, ZC, NG



News for the day:

Jobless Claims: 8:30a
Import and Export Prices: 8:30a
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: Neutral/Bullish. Prices continue to hold near yesterday's highs during the premarket session which is a sign that there is more demand than supply. 1689 will be the line in the sand as it is both the value area high and Wednesday's high.  If prices move up and hold then another bullish day can be expected and trading long would be higher probability. If bears keep the ES inside the range then choppy price action would be likely, so keep tighter stops when trading in the value area.

Stock of the Day:Lululemon (LULU)

Reported earnings. Down 8% in the premarket

ES Daily Trend: Neutral/Bullish

ES Weekly Trend:  Bullish

ES Monthly Trend:  Strongly Bullish

Morning Update for Wednesday, 9/11/13

Major Support/Resistance Levels- ES

*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)

Daily Outlook

Prior Day Market Sentiment:Bullish
Overnight Inventory Change: Neutral
Inside Day/Outside Day:Inside
Location of price relative to market profile: At value area high
Notable overnight futures markets changes:
Up: PA, HO
Down: NKD, NG



News for the day:

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: Neutral/Bullish. Prices are set to open near the value area high and have already tested Tuesday's high during the overnight session.  As a result, slight edge to the bulls, especially if prices can clear 1683.25 at the open.  On the other hand, if prices sell off then the higher probability is to stay within yesterday's range and the key levels to watch will be the value area low (1679.25) & previous day low (1676.75).

Stock of the Day: Blackberry Apple Inc. (AAPL)

In focus after yesterday's product announcement

ES Daily Trend: Neutral/Bullish

ES Weekly Trend:  Bullish

ES Monthly Trend:  Strongly Bullish

Morning Update for Tuesday, 9/10/13

Major Support/Resistance Levels- ES

*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)

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: NKD, Indexes
Down:VX, CL, SI, GC, 6J, NG



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: Bullish. Buyers were active in the overnight session, lifting prices above the value area. If the buying continues at the open, then the natural target is the VPOC at $1685.25. At this point, the best the bears can hope for is prices to pull back into yesterday's range, so the main downside price level to watch is at 1671.75.

Stock of the Day: Blackberry (BBRY)

Starting to fill the gap up to $14 amid continued buyout rumors.

ES Daily Trend: Neutral

ES Weekly Trend:  Bullish

ES Monthly Trend:  Strongly Bullish

Morning Update for Monday, 9/9/13

Major Support/Resistance Levels- ES

*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)

Daily Outlook

Prior Day Market Sentiment: Bullish
Overnight Inventory Change: Net long
Inside Day/Outside Day: Inside
Location of price relative to market profile: At POC
Notable overnight futures markets changes:
Up: NKD, NG, ZS, Indexes
Down:SI, ZW, CL



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: Neutral/bullish. The ES looks to open within the value area, right at the POC, which is a neutral sign. Given the large volatility on Friday after the jobs report and the roller coaster ride between the bulls and bears, a wide value area was created. Since markets tend to balance after large intraday swings and that there is no news catalysts today, the higher probability is to fade the value area high and low. Of course, watch the tape around these levels before taking any trades.



Stock of the Day: Facebook (FB)

*At 52 week highs

ES Daily Trend: Neutral

ES Weekly Trend:  Bullish

ES Monthly Trend:  Strongly Bullish

Weekend Update 9/8/13

A review of the week that was and a preview of the week ahead.

Morning Update for Friday, September 6th

Major Support/Resistance Levels- ES

*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)

Daily Outlook

Prior Day Market Sentiment: Neutral
Overnight Inventory Change: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: At value area low (*subject to change based on employment news results)
Notable overnight futures markets changes:
Up: ZW, NG
Down: NKD, GC, SI



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: Everything hinges on the employment news coming out at 8:30a.  The ES has been balancing the past for the past week with a slight edge to the bulls. The jobs report should provide the necessary catalyst to propel the markets in one direction so high volatility is the expectation.  As a result, watch 1665-1667 as key resistance and key support at 1638-1640.



Stock of the Day: SINA Corp (SINA)

*Alibaba in talks to invest in the company

ES Daily Trend: Neutral

ES Weekly Trend:  Bullish

ES Monthly Trend:  Strongly Bullish

Morning Update for Thursday, September 5th

Major Support/Resistance Levels- ES

*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)

Daily Outlook

Prior Day Market Sentiment: Bullish
Overnight Inventory Change: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: At value area high
Notable overnight futures markets changes:
Up: SI, CL
Down: ZM, ZS



News for the day:

ADP Employment Report: 8:15a
Jobless Claims: 8:30a
Productivity & Costs: 8:30a
Factory Orders: 10:00a
ISM Non-Mfg Index: 10:00a
Petroleum Status Report: 11:00a



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


Projected ES price action for the day: Neutral/bullish. The market is poised to open within the value area near yesterday's high.  As a result, buyers will look to lift prices above 1654.75 which would give the edge for the day to the bulls. On the other hand, if prices are rejected back into the daily range, then the higher probability is for a balancing day.



Stock of the Day: Zillow (Z)

New 52-week high

ES Daily Trend: Neutral

ES Weekly Trend:  Bullish

ES Monthly Trend:  Strongly Bullish