Outlook 12/20: U.S. stock futures turn lower Wednesday after the major averages this week built on their strong rally to end 2023. All three major averages are headed for a winning December and 2023 as stocks build on the recent rally and investors look forward to rate cuts from Federal Reserve in the new year. Consumer confidence for December and existing home sales for November are also due. The personal consumption expenditures price index is set to release on Friday.
/ESH24 (MAR 2024): YVAH 4821 YPOC 4813 YVAL 4809 GAP 4817.25
/ES Plan: Yesterday market closed bullish (PBT 4836), but overnight looks more bearish (PBT 4798), moving within previous value, so these're the opening and initial balance options for today:
A) If market moves above YVAL 4809 with bullish internals, buy towards GAP 4817 YVAH 4821 ONH 4824 and PBTs 4827-36.
B) If market moves below YVAL 4809 with bearish internals, sell towards HVE 4801 PBT 4798 HVE 4792 and and GAP 4789.25 .
Note: Holidays weeks so volume is lower than usual. If market opens inside value let the market lead. You don’t have to be the first. Bad trades occur when you try to force things to happen. If market opens above value and if it begins to trade within value, VAR comes into play.
Market Movers
10:00 Consumer Confidence
10:00 Existing Home Sales
10:30 EIA Petroleum Inventories
1:00 PM 20-Year Bond Auction
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