Outlook 02/01: U.S. stock futures rise slightly after the Federal Reserve held steady on rates but signaled that a March cut is unlikely. Yesterday's losses come after Fed Chair Jerome Powell in his post-meeting conference discouraged investor hopes for a rate cut as soon as March, sending equities tumbling. On the economic front, investors will turn their attention to the ISM index and construction spending reports on Thursday. The January jobs report is set to release Friday.
/ESH24 (MAR 2024): YVAH 4933 YPOC 4912 YVAL 4896 GAP 4872
/ES Plan: Yesterday market closed bearish, but overnight bounces back, still moving below previous value, so these're the opening and initial balance options for today:
A) If market moves above YVAL 4896 with bullish internals, buy towards YPOC-FOMC SoC 4912 YVAH 4933 and HVE 4937.
B) If market moves below YVAL 4896 with bearish internals, sell towards GAP-HVE-ONL 4872 YLOD 4866 and HVE 4844.
Note: Overnight inventory is 100% bullish. The expected action is a counter-auction; failure to see the counter-auction would be an indication of potential trend day. FOMC day always offer an overreaction, Today is the real reaction to yesterday news, and Tomorrow is when we have confirmation of the next trend.
Market Movers
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
10:30 EIA Natural Gas Inventory
4:30 PM Fed Balance Sheet
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