US-NK Setback

Outlook 05/24: Markets will end the last full week of May with a modest schedule with the April reading on durable goods orders set for release as well as the final look at consumer sentiment in May from the University of Michigan.

A historic summit between Donald Trump and Kim Jong Un, collapsed as the leaders talked past each other on their goals, phone calls weren’t returned and rhetoric turned from hopeful to sour. U.S. officials insist they’re optimistic the meeting will happen, eventually.

/ESM8 Value: YVAH 2729 YPOC 2727 YVAL 2715

/ES Plan: Yesterday market closed bullish (PBT 2748) and overnight profile is bimodal (LIS 2724), moving within yesterday's range, so we've these options:

A) If market remains below LIS 2724 with bearish internals, become a seller leaning on 2724 towards ONL 2719 YVAL 2715 HVE 2705 and HVE 2699. 'Look above and fail' is a bearish signal.

B) If market starts to move above LIS 2724 with bullish internals, be a buyer leaning on 2724 towards YVAH 2729 ONH 2737.75 HVE 2742 and PBT 2748. 'Look below and fail' is a bullish signal.

Today's Economic Calendar

09:20 Fed's Powell speech
10:00 Consumer Sentiment
11:45 Fed's Evans Speech
11:45 Fed's Bostic Speech
11:45 Fed's Kaplan Speech
01:00 PM Baker-Hughes Rig Count

Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.

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