Outlook 05/15: U.S. stock index futures are struggling to stretch its eight-session winning streak into another day as the 10-year Treasury note pokes its yield back above 3%. Traders are also watching retail sales that rose for a second month in April, as well as some speeches from Fed officials. Further dampening investors' sentiment are comments on the gap seen in trade talks between the U.S. and China.
/ESM8 Value: YVAH 2736 YPOC 2728 YVAL 2725
/ES Plan: Yesterday market closed bearish (PBT 2617) and overnight shows now in balance after yesterday PBT fill. We're moving below yesterday's value, so we've these options:
A) If market remains below LIS 2720 with bearish internals, become a seller leaning on 2720 towards ONL 2712.25 HVE 2703 and GAP 2695. 'Look above and fail' is a signal of weakness.
B) If market starts to move above LIS 2720 with bullish internals, be a buyer leaning on 2720 towards YVAL 2725 GAP 2730 and YVAH 2736. 'Look below and fail' is a signal of strength.
Today's Economic Calendar
10:00 Business Inventories
10:00 NAHB Housing Market Index
01:10 PM Fed's Williams Speech
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
Questions? Just ask via email or twitter @verniman direct message.
