Outlook 03/05: President Trump kept up pressure on trading partners over the weekend, threatening European automakers with a tax on imports if the EU retaliates against his plan to slap tariffs on metal imports. Canada, the biggest supplier of steel and aluminum to the U.S., also said it would retaliate if hit by the tariffs, while China declared it would defend its interests. U.S. stock index futures are mixed to start the week as fears of a trade war rumble on.
/ES Value: YVAH 2684 YPOC 2673 YVAL 2654
/ES Plan: On Friday market closed balanced and overnight inventory is bullish (GBT 2700), so we've these options:
A) If market remains above LIS 2678 with bullish internals, try to be a buyer leaning on 2678-2680 towards GAP 2690.50 ONH 2691.75 and GBT 2700. 'Look above and fail' is a signal of weakness.
B) If market starts to move below LIS 2678 with bearish internals, try to be a seller leaning on 2678-2677 towards ONL 2663.75 YVAL 2654 and LVN 2620. '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 Services Index
10:00 ISM Non-Manufacturing Index
12:30 PM TD Ameritrade IMX
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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