Outlook 02/28: U.S. stock futures tick lower Wednesday as investors looked ahead to a key inflation report due later this week. Investors are looking toward the personal consumption expenditure reading for January on Thursday, which is the Federal Reserve’s preferred measure of inflation. A positive surprise on PCE inflation would comfort markets on upcoming fed funds rate cuts, as a more accommodative monetary policy could also reduce financial risk. The SP500 is off the highs they just notched late last week, but investors may want to think twice before they aggressively ramp up on equities.
/ESH24 (MAR 2024): YVAH 5086 YPOC 5078 YVAL 5074 GAP 5091.75
/ES Plan: Yesterday market closed bullish, but overnight looks bearish (PBT 5054), moving below value, so these're the opening and initial balance options for today:
A) If market moves above YVAL 5074 with bullish internals, buy towards YVAH 5086 GAP-ONH 5091 and YHOD 5093..
B) If market moves below YVAL 5074 with bearish internals, sell towards YLOD-HVE 5066 PBT-ETH 5054 and HVE 5051.
Note: Overnight inventory is 100% bearish. The expected action is a counter-auction; failure to see the counter-auction would be an indication of potential trend day. Market opens below 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
12:00 PM Fed's Bostic Speech
12:15 PM Fed’s Collins Speech
12:45 PM Fed's Williams Speech
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