Outlook 01/17: The U.S. Senate Banking Committee will hold a vote today on the nominations of Jerome Powell as Fed Chair. House Republicans are coalescing around a plan to try and force the Senate to accept a short-term spending bill this week that doesn’t address immigration issues and other demands from Democrats in order to avoid a government shutdown before Friday's midnight deadline.
/ES Value: YVAH 2798 YPOC 2779.50 YVAL 2770
/ES Plan: Yesterday market closed leaving a bearish profile (PBT 2750). Overnight inventory is bullish (PBT 2805) moving within yesterday's value, so as usual we've these options:
A) If market remains above LVN 2790 with bullish internals, try to be a buyer leaning on 2790-2791 towards ONH and YVAH-LVN 2798 PBT 2805. Failure to take out ONH early is a signal of weakness.
B) If market starts to move below LVN 2790 with bearish internals, try to be a seller leaning on 2790-2789 towards GAP 2783.25 and ONL 2779. Failure to breakdown LVN 2790 early is a signal of a strength.
Tips: Remember, stick to a trading plan and a systematic process, don't try to seek perfection. Use buy/sell range zones, not absolute levels. Take trades according to your risk, your goal is to come back next day.
Today's Economic Calendar
09:15 Industrial Production
10:00 NAHB Housing Market Index
02:00 PM Fed's Beige Book
04:00 PM Treasury International Capital
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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