Outlook 01/31: U.S. stock futures fell Wednesday after a pair of mega cap tech companies posted their quarterly results. Players also wait aside toward the Federal Reserve’s decision on rate policy. In after-hours trading, Alphabet dropped more than 5%, while Microsoft slipped 1.6% after the tech giants posted quarterly earnings. To be sure, both companies managed to beat on both top and bottom lines. The Fed’s rate decision will be front of mind for traders on Wednesday. The fed funds futures market has priced in a nearly 98% probability that the central bank will leave rates unchanged. Policymakers adopting a “later and fewer approach,” in which the Fed starts cutting rates later than what most of the market is expecting. The Fed doesn’t want to repeat the mistakes of the past about being too aggressive with the rate cuts.
/ESH24 (MAR 2024): YVAH 4954 YPOC 4948 YVAL 4946 GAP 4945
/ES Plan: Yesterday market closed bearish, and overnight continues on that way, moving below previous value/range, so these're the opening and initial balance options for today:
