Outlook 05/29: We’ve got another crisis in Europe, this time in Italy. In recent years, we’ve heard of risks of a Greek and/or British exit from the European Union and/or euro zone. Now it’s Italy, the euro zone’s third largest economy. Italian stocks are plummeting and yields are surging, and the shockwaves are being felt in global markets. U.S. markets were closed on Monday for the Memorial Day holiday, but futures are deep in the red as we await cash-markets to re-opening.
/ESM8 Value: YVAH 2724 YPOC 2720 YVAL 2717
/ES Plan: On Friday market closed bearish (PBT 2700) and overnight auction has fulfilled that target, falling below Friday's range, so we've these options:
A) If market remains below HVE 2705 with bearish internals, become a seller leaning on 2705-2706 towards ONL 2690.25 PBT 2687 and HVE 2681. 'Look above and fail' is a bearish signal.
B) If market starts to move above HVE 2705-2706 with bullish internals, be a buyer leaning on 2706 towards YVAL 2717 YPOC 2720 and YVAH 2724. 'Look below and fail' is a bullish signal.
Today's Economic Calendar
10:00 Consumer Confidence
10:00 State Street Investor Confidence Index
10:30 Dallas Fed Manufacturing Survey
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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