Rally resumes

Outlook 11/29: U.S. stock futures tick up on Wednesday, as investors held out hope that the Federal Reserve is done raising benchmark interest rates. Traders also tried to build on already strong gains for the month. Federal Reserve Governor Christopher Waller said on Tuesday that current monetary policy appears to be sufficiently restrictive to cool inflation back down to the central bank’s 2% target. The comments helped fuel investor optimism and buoyed stocks. Fed funds futures pricing suggests a chance that the central bank could cut rates as early as next spring.

/ESZ23 (Dec 2023): YVAH 4565 YPOC 4560 YVAL 4553 GAP 4564.25

/ES Plan: Last session market closed balanced, but overnight looks bullish, moving above previous value/range, so these're the opening and initial balance options for today:

A) If market moves above HVE 4582 with bullish internals, buy towards HVE-ONH 4590 GAP 4598 and HVE-PBT 4606.

B) If market moves below HVE 4582 with bearish internals, sell towards YVAH-GAP 4565 ONL 4562 and YVAL 4553.

Note: Overnight inventory is 100% bullish. The expected action is a counter-auction; failure to see the counter-auction would be an indication of potential trend day. Market opens above value and if it begins to trade within value, VAR comes into play.

Market Movers

10:30 EIA Petroleum Inventories

11:00 Survey of Business Uncertainty

1:45 PM Fed's Mester's Speech

2:00 PM Fed's Beige Book 

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