Outlook 04/18: Today, markets will have Morgan Stanley as one of the last major U.S. financial firms to report results. American Express, US Bancorp, Textron and Abbott Laboratories will also report earnings.
On the economic data side, the Federal Reserve's latest Beige Book will be the highlight. Due out at 2pm ET, this report is a summary of economic anecdotes from each of the Fed's 12 districts and helps serve as a basis for the economic discussion that will take place at the Fed's two-day policy meeting set to kick off on May 1.
/ESM8 Value: YVAH 2713 YPOC 2707 YVAL 2703
/ES Plan: Yesterday market closed bullish (PBTs 2720-2734) and overnight inventory is bimodal (LIS 2714), moving above Yesterday's range, so as usual we've these options:
A) If market remains above YVAH 2713 with bullish internals, be a buyer leaning on 2713-2715 towards ONH 2718 and PBTs 2720-2734. 'Look below and fail' is a signal of strength.
B) If market moves below YVAH 2713 with bearish internals, become a seller leaning on 2713-2714 towards GAP 2706 and YVAL 2703. 'Look above and fail' is a signal of weakness.
Tips: When the market opens above the value area and remains above the value area high on subsequent tests, it is a clearly bullish signal. Buy leaning on any high volume edge above value area. Internals slope should be rising. If the market begins to trade within the value area and volume increases at lows, it would be recommended to exit long positions.
Today's Economic Calendar
10:30 EIA Petroleum Inventories
02:00 PM Fed's Beige Book
03:15 PM Fed's Dudley Speech
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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