Flying high

Outlook 03/04: U.S. stock futures fall slightly Monday morning, following a weeks-long rally that brought the U.S. stock market to new heights. With markets having digested a hotter-than-expected consumer price index report, investors will look for clues about the future direction of interest rates from Federal Reserve Chair Jerome Powell’s monetary policy updates to the House of Representatives on Wednesday and to the Senate on Thursday. The ADP Employment and January JOLTS will be released on Wednesday, providing further insight into the labor market. NFP payrolls data for February will also be released on Friday.

/ESH24 (MAR 2024): YVAH 5149 YPOC 5144 YVAL 5114 GAP 5141

/ES Plan: Last session market closed bullish (PBT 5197), but reopening looks slight bearish, moving within value, so these're the opening and initial balance options for today:

A) If market moves above HVE 5125 with bullish internals, buy towards GAP 5141 YVAH-ATH 5149 and PBTs 5179-5197.

B) If market moves below HVE 5125 with bearish internals, sell towards YVAL 5114 GAP 5100 YLOD 5089 and GAP 5071.

Note: Market opens inside value so let the market lead. You don’t have to be the first. Bad trades occur when you try to force things to happen. It's Monday and Mondays are usually the quietest days of the week. Many traders want to take their time analyzing the market, and usually, there are few economic releases.

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