Outlook 01/12: U.S. stock futures whipsawed after December’s consumer prices report came in in line with economist expectations and showed cooling inflation. The consumer price index fell 0.1% in December. That was the biggest monthly decline since April 2020. The so-called core CPI, which strips out volatile food and energy prices, also met expectations with a 0.3%. gain. On a year-over-year basis, the index rose 6.5%, still well above the Fed’s 2% inflation target.
/ESH23 (Mar 2023): YVAH 3979 YPOC 3960 YVAL 3954 GAP 3989.75
/ES Plan: Yesterday market closed bullish, and overnight continues on that way, moving above previous value/range, so these're the opening and initial balance options for today:
A) If market moves above YHOD 3093 with bullish internals, buy towards HVE 4011 ONH 4019.75 HVE 4029 and GAP 4038.
B) If market moves below YHOD 3093 with bearish internals, sell towards GAP 3989.75 YVAH 3979 and YVAL-ONL 3954.
Note: Market opens above value and if it begins to trade within value with volume increasing, 'Value Area Rule (VAR)' comes into play.
Market Movers
10:30 EIA Natural Gas Inventory
11:30 Fed's Bullard Speech
12:40 PM Fed's Barkin Speech
2:00 PM Treasury Statement
4:30 PM Fed Balance Sheet
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