Crude Oil Up

Outlook 05/09: President Donald Trump withdrew the U.S. from the landmark nuclear accord with Iran, abruptly restoring harsh sanctions in the most consequential foreign policy action of his presidency. Markets are watching oil prices closely, as the markets continue to react to President Donald Trump's decision. Overnight, light sweet crude oil prices were at $71 per barrel.

/ESM8 Value: YVAH 2669 YPOC 2662.50 YVAL 2660

/ES Plan: Yesterday market closed balanced and overnight inventory is bimodal (LIS 2676), moving above yesterday's value, so as usual, we've these options:

A) If market remains above LIS 2676 with bullish internals, be a buyer leaning on 2676-77 towards ONH 2684.50 HVE-PBT 2690 and HVE 2700. 'Look below and fail' is a signal of strength.

B) If market starts to move below LIS 2676 with bearish internals, become a seller leaning on 2677-76 towards YVAH 2669 ONL 2666.50 and YVAL 2660. 'Look above and fail' is a signal of weakness.

Tips: Watch volume profile imbalance plus VWAP and ADSPD slopes correlation to confirm market bias.

Today's Economic Calendar

10:00 AM Wholesale Trade
10:30 AM Crude Oil Inventories
01:00 PM 10yr Note Auction
01:15 PM FOMC 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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