Rollover starts

Outlook 06/07: U.S. stock index futures are climbing higher after investor confidence was propelled by ECB comments suggesting the winding down of QE, as well as Italy's new prime minister winning a second vote of confidence and Spain's new leader naming a cabinet. Geopolitical concerns are again in focus, however, amid Brexit negotiations and an upcoming G7 summit.

/ESM8 Value: YVAH 2772 YPOC 2767.50 YVAL 2756

/ES Plan: Yesterday market closed bullish (PBT 2786) Overnight profile is balanced, moving above yesterday's value, so we've these options:

A) If market remains above YVAH 2772 with bullish internals, be a buyer leaning on 2772 towards ONH 2779.75 PBT 2786 and LVN 2792. 'Look below and fail' is a bullish signal.

B) If market starts to move below YVAH 2772 with bearish internals, become a seller leaning on 2772 towards ONL 2770.25 and LVN 2765. 'Look above and fail' is a bearish signal.

Tips: Rollover starts. Pace of the Roll now is around 35%. I'm still quoting June contract until new /ESU8 increases to equal volume of /ESM8.

Today's Economic Calendar

09:45 Bloomberg Consumer Comfort Index
10:00 Quarterly Services Report
10:30 EIA Natural Gas Inventory
03:00 PM Consumer Credit

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

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