Final month

Outlook 12/01: U.S. stock futures enter the final month of the year Friday with some decent momentum at their backs. Traders are waiting to see what Federal Reserve Chair Jerome Powell will say later Friday. Powell is speaking in a fireside chat at 11am ET at Spelman College. November’s big rally was due in part to traders beginning to believe the Fed was done raising rates and that the central bank may even start cutting them in the first half of next year. The Fed next decides on rates on Dec 13. Stocks finished off a record November during Thursday’s session and snapped a three-month losing streak. The SP500 and Nasdaq rallied 8.9% and 10.7%, respectively, to notch their best monthly performances since July 2022.

/ESZ23 (Dec 2023): YVAH 4567 YPOC 4554 YVAL 4550 GAP 4573.75

/ES Plan: Yesterday market closed bullish, but overnight looks slight bearish, moving within previous value, so these're the opening and initial balance options for today:

A) If market moves above YVAH 4567 with bullish internals, buy towards GAP 4573 YHOD 4579 ONH 4584 and GAP 4598.

B) If market moves below YVAH 4567 with bearish internals, sell towards YPOC 4554 YVAL 4550 HVE 4548 and YLOD 4556.

Note: Market opens inside value. Don't be 'too anxious'. Let the market lead. You don’t have to be the first. Bad trades occur when you try to force things to happen. It's Friday and traders who have made losses that week will likely take large risks to try and end the week with a profit. Try to be calm and focus on the market rather than thinking about your account.

Market Movers

9:45 S&P Global US Manufacturing PMI (Nov)

10:00 ISM Manufacturing PMI (Nov)

11:00 Fed Chair Powell Speaks   

11:30 Atlanta Fed GDPNow (Q4)  

13:00 U.S. Baker Hughes Oil Rig Count

14:00 Fed Chair Powell Speaks   

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