Outlook 05/24: Minutes from the Federal Reserve yesterday pointed to a rate increase in June, but suggested it may not be as aggressive with its hikes as many had thought. The release also signaled the central bank would be content to let inflation temporarily run above the 2% target. Officials in March penciled in three rate rises this year, including their increase that month.
/ESM8 Value: YVAH 2724 YPOC 2715 YVAL 2709
/ES Plan: Yesterday market closed bullish and overnight profile is balanced, moving above yesterday's range, so we've these options:
A) If market remains above YVAH 2724 with bullish internals, be a buyer leaning on 2724 towards GAP 2730.25 ONH 2733.25 HVE 2742 and PBT 2748. 'Look below and fail' is a bullish signal.
B) If market starts to move below YVAH 2724 with bearish internals, become a seller leaning on 2724 towards ONL 2720.25 YPOC 2715 and YVAL 2709. 'Look above and fail' is a bearish signal.
Tips: Focus on execution during high volume hours (9:30-11:30am/2:30-4:00pm ET). Avoid Lunch Time pitfalls.
Today's Economic Calendar
09:45 Bloomberg Consumer Index
10:00 Existing Home Sales
10:30 EIA Natural Gas Inventory
10:35 Fed's Bostic Speech
11:00 Kansas City Fed Mfg Survey
01:00 PM 7-Year Note Auction
02:00 PM Fed's Harker Speech
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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