Inflation again

Outlook 05/28: U.S. stock futures continued to tick higher on Thursday, but the gains vanished overnight, after a key U.S. inflation gauge rose year over year. The core personal consumption expenditures price index increased 3.1% in April from a year ago. Federal Reserve officials consider the measure to be the best gauge for inflation, though they watch a number of metrics. As part of its price stability mandate, the Fed considers 2% to be healthy, though it is committed to letting the level average higher than usual in the interest of promoting full employment.

/ESM21: YVAH 4207 YPOC 4204 YVAL 4196 GAP 4208

/ES Plan: Yesterday market closed bullish (PBT 4229), but overnight looks more balanced, moving above yesterday's value, so these are the initial balance options for today:

A) If market moves above HVE 4213 with bullish internals, buy towards ONH 4217.50 PBT 4229 and ATH 4238.

B) If market moves below HVE 4213 with bearish internals, sell towards ONL 4206.75 GAP 4194 and HVE 4185.

Note: Remember that new record high has been printed overnight, so it's still pending to be revisited at regular trading hours.

Market Movers

9:45 Chicago PMI

10:00 Consumer Sentiment

1:00 PM Baker-Hughes Rig Count

3:00 PM Farm Prices

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