Outlook 04/10: President Xi Jinping took the stage overnight at the Boao Forum for Asia, an annual summit that's been dubbed the "Asian Davos," where he discussed plans to further open up the Chinese economy. He promised to "significantly lower" import tariffs on products including cars, as well as improve the investment environment for foreign companies, in a speech seen as conciliatory amid rising trade tensions between the U.S. and China.
/ESM8 Value: YVAH 2653 YPOC 2644 YVAL 2623
/ES Plan: Yesterday market closed bullish (PBT 2677) and overnight shows same bullish bias (GBT 2684), moving within yesterday's value, so as usual we've these options:
A) If market remains above LVN 2640 with bullish internals, be a buyer leaning on 2640-44 towards ONH 2658 and LVNs 2661-2677. 'Look below and fail' is a signal of strength.
B) If market starts to move below LVN 2640 with bearish internals, become a seller leaning on 2640-36 towards YVAL 2623 and GAP 2618. 'Look above and fail' is a signal of weakness.
Tips: When I mention 'bullish or bearish' internals, I refer to these internals to be positive/negative and/or at least the channel slope rising/falling. These internals can help you to confirm your decision.
Today's Economic Calendar
10:00 Wholesale Trade
01:00 PM 3-Year Note Auction
06:30 PM Fed's Bostic Speech
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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