Outlook 06/16: U.S. stock futures were mostly flat on Wednesday ahead of the Federal Reserve’s update on monetary policy. The central bank is not expected to make any policy moves, but it could signal that it’s beginning to think about easing its bond-buying policy. The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. Previously, Fed officials hadn’t come to a consensus for a rate hike through 2023. The Fed’s statement and forecasts will come out at 2pm ET followed by a press conference by Chairman Jerome Powell 30 minutes later.
/ESU21: YVAH 4242 YPOC 4235 YVAL 4232 GAP 4237.25
/ES Plan: Yesterday market closed bearish (PBT 4213), but overnight looks balanced, moving within yesterday's value so these are the initial balance options for today:
A) If market moves above HVE 4240 with bullish internals, buy towards HVE 4249 ATH 4258.25 and PBT 4261.
B) If market moves below HVE 4233 with bearish internals, sell towards HVE 4223-4219 and PBT-HVE 4213
Note 1:
FOMC days are two separate sessions. The AM session tends to involve a tightening price range and lower activity. Trade setups that work well in the AM, may fail completely in the afternoon, resulting in significant losses. Today is NOT the day to trade aggressively.
Note 2: Remember that new record high has been printed overnight, so it's still pending to be revisited at regular trading hours.
Market Movers
10:00 Atlanta Fed's Inflation Expectations
10:30 EIA Petroleum Inventories
2:00 PM FOMC Announcement
2:30 PM Chairman Press Conference
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