Outlook 06/28: Futures go negative after The U.S. Commerce Department has published its third estimate for Q1 GDP this morning. Gross domestic product increased at a 2.0 percent annual rate in the January-March period, instead of the 2.2 percent pace it reported last month. The U.S. economy slowed more than previously estimated in the first quarter amid the weakest performance in consumer spending in nearly five years. Growth appears to have since regained momentum on the back of a robust labor market and tax cuts.
/ESU8 Value: YVAH 2732 YPOC 2706 YVAL 2701
/ES Plan: Yesterday market closed bearish (PBT 2678) and overnight shows a bimodal profile (LIS 2700), moving below yesterday's range, so we've these options:
A) If market remains below LIS 2700 with bearish internals, become a seller leaning on 2700-2701 towards GAP 2691.75 and LVN-PBT 2678 'Look above and fail' is a bearish signal.
B) If market starts to move above LIS 2700 with bullish internals, become a buyer above 2700-2701 towards GAP 2705.50 and ONH 2717.25 'Look below and fail' is a bullish signal.
Today's Economic Calendar
09:45 Bloomberg Consumer Comfort Index
10:30 EIA Natural Gas Inventory
10:45 Fed's Bullard speech
11:00 Kansas City Fed Mfg Survey
01:00 PM 7-Year Note Auction
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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