Outlook 03/28: U.S. index futures are wobbly once again amid a tech shakeout. Today GDP data shows the U.S. economy grew in the fourth quarter at a faster pace than last estimated.
/ESM8 Value: YVAH 2676 YPOC 2662 YVAL 2627
/ES Plan: Yesterday market closed bearish but overnight shows a bimodal profile (LIS 2616), still moving below Yesterday's value, so today's options are:
A) If market remains below LVN 2616 with bearish internals, become a seller leaning on 2616 towards ONL 2600 and HVE 2586. 'Look above and fail' is a signal of weakness.
B) If market starts to move above LVN 2616 with bullish internals, be a buyer leaning on 2616 towards ONH 2627 and LVN 2640. 'Look below and fail' is a signal of strength.
Tips: Line in the Sand (LIS) refers to a key level that shows who could be in control above/below that level, it works as a bull/bear line. More on Glossary.
Today's Economic Calendar
10:00 Pending Home Sales
10:30 EIA Petroleum Inventories
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
Questions? Just ask via email or twitter @verniman direct message.
