Outlook 03/08: U.S. stock index futures point to open higher on Thursday as investors were encouraged by signs that President Donald Trump's proposed hefty import tariffs on steel and aluminum could exclude some key trading partners.
/ES Value: YVAH 2720 YPOC 2712 YVAL 2700
/ES Plan: Yesterday market closed leaving a bullish profile (PBT 2743). Overnight inventory is bullish moving above yesterday's range so, as usual we've these options:
A) If market remains above YHOD 2730 with bullish internals, try to be a buyer leaning on 2730 towards ONH 2736.50 and PBT 2743. 'Look above and fail' is a signal of weakness.
B) If market starts to move below YHOD 2730 with bearish internals, try to be a seller leaning on 2730 towards GAP 2723 and ONL 2720. 'Look below and fail' is a signal of strength.
Tips: Today's rollover day. Pace of the Roll now is around 30%. I'm still quoting old contract /ESH8 until new /ESM8 increases to equal volume of March contract.
Today's Economic Calendar
09:45 Bloomberg Consumer Comfort Index
10:00 Quarterly Services Report
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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