Outlook 02/23: Fed Chair Jerome Powell will try to calm the recent game of tug-of-war between stocks and bonds. The first sign may come today when the central bank releases its monetary policy report, expected to be a blueprint for Powell's testimony before Congress next week. Markets will also be watching Fed speakers today at the U.S. Monetary Policy Forum annual conference.
/ES Value: YVAH 2722 YPOC 2712 YVAL 2702
/ES Plan: Yesterday market closed balanced and overnight is multimodal within Yesterdays value, so we've 2 options:
A) If market remains above ONL 2710 with bullish internals, try to be a buyer leaning on 2710-2714 towards YVAH 2722 ONH 2727.75 and LVN 2737. 'Look above and fail' is a signal of weakness.
B) If market starts to move below ONL 2710 with bearish internals, try to be a seller leaning on 2710-2709 towards YVAL 2702 LVN 2700 and LVN 2682. 'Look below and fail' is a signal of strength.
Today's Economic Calendar
10:15 Fed's Dudley: Monetary Policy
10:15 Fed's Rosengren speech
01:00 PM Baker-Hughes Rig Count
01:30 PM Fed's Mester speech
03:40 PM Fed's Williams Speech
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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