Outlook 07/28: U.S. stock futures are ticking higher waiting the Fed ends its two-day July meeting Wednesday, with a policy statement at 2pm ET and Fed Chairman Jerome Powell's news conference at 2:30pm ET. While no action is expected from the FOMC today, there may be a possible mention of tapering the central bank's bond program. That could shake up some investing sentiment as the winding down of purchases is seen as the first step toward interest rate hikes (especially with inflation heating up).
/ESU21: YVAH 4399 YPOC 4391 YVAL 4376 GAP 4386
/ES Plan: Yesterday market closed balanced, but overnight looks more bullish, moving above yesterday's value, so these are the initial balance options for today:
A) If market remains above YVAH 4399 with bullish internals, buy towards ONH 4404.50 HVE 4409 GAP 4416 and PBT 4427.
B) If market moves below YVAH 4399 with bearish internals, sell towards GAP 4386 ONL 4379.75 YVAL 4376 and GAP 4363.
Note:
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.
Market Movers
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
11:00 Survey of Business Uncertainty
11:30 2-Year FRN Auction
2:00 PM FOMC Announcement
2:30 PM Chairman Press Conference
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