Outlook 01/17: U.S. stock futures inched lower Wednesday as yields continued to track higher, putting SP500 on pace to build on the losses from the previous session. Retail sales data for December came in stronger-than-expected, indicating a resilient consumer and putting aggressive rate cuts from the Federal Reserve into doubt. Retail sales were up 0.6% from November, and gained 0.4% month-over-month excluding autos. Economists estimated a 0.4% month-to-month increase in retail sales and 0.2% ex-autos. The 10-year Treasury yield was last trading nearly 4 basis points higher at 4.104%, continuing its rise from Tuesday after Fed Waller warned easing monetary policy may come slower than anticipated.
/ESH24 (MAR 2024): YVAH 4803 YPOC 4800 YVAL 4787 GAP 4798.75
/ES Plan: Yesterday market closed balanced, but overnight looks more bearish (PBT 4752), moving below previous value/range, so these're the opening and initial balance options for today:
