Outlook 02/27: The spotlight is on Fed Chair Jerome Powell this morning as he delivers his semi-annual monetary policy testimony before the House Financial Services Committee. Investors hope to get a read on how he views the economy, market volatility, and the impacts of recent fiscal policy and tax reform. Jerome Powell will be on Capitol Hill delivering at 10 a.m. ET. and then at 2:00 p.m. ET, former Fed chairs Ben Bernanke and Janet Yellen will be in discussion about the current state of the economy. Following their conversation, the two former Fed chairs will take questions from the audience.
/ES Value: YVAH 2774 YPOC 2763 YVAL 2755
/ES Plan: Yesterday market closed balanced and overnight inventory held above yesterday's value high, so will be used as line in the sand:
A) If market remains above YVAH 2774 with bullish internals, try to be a buyer leaning on 2774-75 towards GAP 2784.75 ONH 2787 and LVN 2791. 'Look above and fail' is a signal of weakness.
B) If market starts to move below YVAH 2774 with bearish internals, try to be a seller leaning on 2774-75 towards LVN 2770 and YPOC 2763. 'Look below and fail' is a signal of strength.
Today's Economic Calendar
10:00 Consumer Confidence
10:00 Richmond Fed Mfg.
10:00 State Street Investor Confidence Index
10:00 Powell to testify before the House of Representatives' Committee
02:00 PM Bernanke and Yellen Conference.
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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