Fed speakers

Outlook 03/22: U.S. stock futures tick lower but the SP500 is still on track for a winning week. The major indexes closed at record levels on Thursday for a second day, and also hit all-time intraday highs. Thursday was the fourth straight winning session. One reason for this market optimism might stem from the policy making FOMC’s expectation for three rate cuts this year even after a couple of hot inflation reports. Investors have always been more defensive on rate hikes and more aggressive on rate cuts than the fed funds futures markets, but the Fed has delivered through the dot plot and we finally lined up. 

/ESM24 (JUN 2024): YVAH 5320 YPOC 5316 YVAL 5307 GAP 5306.75

/ES Plan: Yesterday market closed bearish, and overnight continues on that way, moving below value, so these're the opening and initial balance options for today:

A) If market remains above YLOD 5293 with bullish internals, buy towards YVAL-GAP 4307 YVAH 5320 and ATH 5323.

B) If market moves below YLOD 5293 with bearish internals, sell towards HVE 5253 FOMC Soc 5240 and HVE 5193. 

Note: Market opens below 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

9:00 Jerome Powell Speech

10:00 Fed’s Jefferson Speech

12:15 PM Fed’s Barr Speech

1:00 PM Baker Hughes Rig Count

4:00 PM Fed's Bostic Speech 

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