PPI data

Outlook 02/16: U.S. stock futures decline after yet another hot inflation report stoked fears that Federal Reserve rate cuts may not arrive until later than anticipated this year. The producer price index for January, a measure of wholesale inflation, came in with a 0.3% increase, above than 0.1% expected. Investors have spent the week assessing the direction of the U.S. economy and when the Federal Reserve may decide to lower rates, particularly after this week’s hotter-than-expected inflation data. Friday’s inflation report adds to concern the Fed may have to wait until later in the year before it starts cutting rates.

/ESH24 (MAR 2024): YVAH 5039 YPOC 5025 YVAL 5014 GAP 5047.50

/ES Plan: Yesterday market closed bullish, but overnight, after PPI, looks more balanced, still moving above value, so these're the opening and initial balance options for today:

A) If market moves above YVAH 5039 with bullish internals, buy towards HVE 5049 ONH 5059 ATH 5066 and PBT 5071.

B) If market moves below YVAH 5039 with bearish internals, sell towards ONL 5030 YPOC 5025 and YVAL-YLOD 5014-11.

Note: Market opens above value and it begins to trade within value, Value Area Rule (VAR) comes into play. It's Friday and traders who have made losses that week will likely take large risks to try and end the week with a profit. Try to be calm and focus on the market rather than thinking about your account.

Market Movers

10:00 Consumer Sentiment

12:10 PM Fed's Daly

1:00 PM Baker Hughes

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