Outlook 03/01: U.S. stocks futures were all drifting lower after two days of losses, which came amid uncertainty around what moves the market can expect from the Fed. Wednesday's slide snapped the SP500's 10-month winning streaks, and all major indices posted big declines for February. Later today, traders will have more economic data to work with as they find their footing, including ISM manufacturing Index, manufacturing PMI, construction spending and personal income.
/ES Value: YVAH 2750 YPOC 2715 YVAL 2712
/ES Plan: Yesterday market closed bearish (PBT 2770) and overnight inventory is balanced, so we've these options:
A) If market remains above YVAL 2712 with bullish internals, try to be a buyer leaning on 2712-2710 towards GAP 2719 ONH 2722 and LVN 2732. 'Look above and fail' is a signal of weakness.
B) If market starts to move below YVAL 2712 with bearish internals, try to be a seller leaning on 2712-2710 towards ONL 2698 and LVN 2678. 'Look below and fail' is a signal of strength.
Tips: Volatility returns, do yourself a favor and don't try to guess tops or bottoms, just focus on trading what you see.
Today's Economic Calendar
09:45 PMI Manufacturing Index
09:45 Bloomberg Consumer Comfort Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
10:30 EIA Natural Gas Inventory
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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