Outlook 05/16: U.S. stock index futures pointed to a little changed open on Wednesday a day after the major index posted sharp losses on the back of rising interest rates. Retail sales and factory data lifted the U.S. 10-year yield through a psychologically important level to hit 3.095 percent, its highest since 2011.
/ESM8 Value: YVAH 2712 YPOC 2711 YVAL 2705
/ES Plan: Yesterday market closed bearish (PBT 2687) and overnight shows slight bearish bias, moving within yesterday's value, so we've these options:
A) If market remains below YVAH 2712 with bearish internals, become a seller leaning on 2712-10 towards ONL 2704.50 LVN 2700 and GAP 2695. 'Look above and fail' is a signal of weakness.
B) If market starts to move above YVAH 2712 with bullish internals, be a buyer leaning on 2712 towards ONH 2714.75 GAP 2730.50 and LVN 2733. 'Look below and fail' is a signal of strength.
Today's Economic Calendar
09:15 Industrial Production
10:00 Atlanta Fed's Business Inflation Expectations
10:30 EIA Petroleum Inventories
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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