Outlook 06/10: U.S. stock futures are pointing to a balanced opening on Wednesday ahead of the Federal Reserve's post-meeting monetary policy statement and Fed Chairman Jerome Powell's afternoon news conference. No major policy decisions are expected from the Fed today, but any hint of taking the foot off the pedal could hammer risk sentiment, while more dovishness could have the opposite effect. Keep a lookout for comments on yield curve control, forward guidance and how long the Fed will keep current policies in place after investors stopped pricing in the possibility of negative rates following last week's blowout jobs report. Chairman Jerome Powell skipped the last quarterly forecast in March, as the pandemic forced a shutdown of the economy, so today's projections will likely suggest whether the central bank believes the worst part of the coronavirus crisis has passed.
/ESM20 Value: YVAH 3214 YPOC 3210 YVAL 3197 GAP 3205.50
/ES Plan: Last session market closed balanced, and overnight continues on that way, moving within yesterday's value, so these are the initial balance options for today's opening:
A) If market moves above LIS YVAH 3214 with bullish internals, buy towards HVE 3221 GAP 3226.75 and HVE 3231.
B) If market moves below LIS YVAH 3214 with bearish internals, sell towards GAP 3205.50 YVAL 3197 and ONL 3193.
Note: FOMC day. Today is NOT the day to trade indices aggressively. Today is NOT the day to make your fortune. Learn when to go big, go small or not at all. Defensive trading!
Market Movers
10:00 Atlanta Fed's Business Inflation Expectations
10:30 EIA Petroleum Inventories
02:00 PM FOMC Announcement
02:00 PM Treasury Budget
02:30 PM Chairman Press Conference
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