Outlook 05/08: Markets are getting ready for President Trump's big decision today on the Iran nuclear accord, which will affect everything from U.S. alliances to trade partnerships and the oil market. Expectations are high that he will exit the deal, but questions remain on how quickly the administration would reimpose sanctions (leaving more time for negotiations). The announcement will come at 2 p.m. ET.
/ESM8 Value: YVAH 2679 YPOC 2677 YVAL 2670
/ES Plan: Yesterday market closed bullish (PBT 2690) but overnight inventory is bearish, moving below yesterday's value, so as usual, we've these options:
A) If market remains below YVAL 2670 with bearish internals, become a seller leaning on 2670-66 towards ONL 2658.50 and LVNs 2650-2643-2436. 'Look above and fail' is a signal of weakness.
B) If market starts to move above YVAL 2670 with bullish internals, be a buyer leaning on 2669-70 towards ONH 2672.25 HVE 2681 and PBT 2690. 'Look below and fail' is a signal of strength.
Tips: Trade entries and exits always depend on each trader account size, financial situation, risk tolerance and time frame style (swing or scalp). You can combine both (Scalp/Swing) in a scale-out trade strategy, where one set of contracts is scalped and a second set is left open for a possible runner towards key levels (VAH-VAL/HOD-LOD/PBT-GAP).
Today's Economic Calendar
10:00 Job Openings and Labor Turnover Survey
02:00 PM Trump's announcement about Iran deal
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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