Outlook 04/13: The banking industry is likely to have benefited from a powerful profit formula, including tax cuts, rising interest rates and more robust economic growth, as earnings reports pour in today from Citigroup, JPMorgan, PNC and Wells Fargo. With financials comprising 15% of the SP500's market cap, the second highest after technology, such a big move could provide a big boost for the market.
/ESM8 Value: YVAH 2670 YPOC 2665 YVAL 2663
/ES Plan: Yesterday market closed balanced and overnight inventory is bullish on multimodal profile, moving above yesterday's range, so we've these options:
A) If market remains above YVAH 2670 with bullish internals, be a buyer leaning on 2669-2675 towards ONH 2680 and PBTs 2688-2700. 'Look below and fail' is a signal of strength.
B) If market moves below YVAH 2670 with bearish internals, become a seller leaning on 2668-2667 towards YVAL 2663 and ONL 2652. '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 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
10:00 Consumer Sentiment
10:00 Job Openings and Labor Turnover Survey
01:00 PM Baker-Hughes Rig Count
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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