Outlook 03/01: U.S. stock futures are little changed after Nasdaq gets first record close in more than two years. Major averages ended another positive month as the rally driven by an artificial intelligence boom and hopes for rate cuts chugged along. The SP500 climbed 5.2% but the Nasdaq was the best performer in February with a 6.1% gain. Thursday’s gains came after inflation data showed the personal consumption expenditures price index excluding food and energy, the Fed’s preferred gauge, rose 0.4% in January, in line with expectations.
/ESH24 (MAR 2024): YVAH 5104 YPOC 5094 YVAL 5086 GAP 5100
/ES Plan: Yesterday market closed bullish (PBT 5128), but overnight looks bimodal bearish, moving within value, so these're the opening and initial balance options for today:
A) If market moves above YVAH 5104 with bullish internals, buy towards ONH 5116 ATH 5123 and PBT 5128.
B) If market moves below YVAH 5104 with bearish internals, sell towards ONL 5089 YVAL 5086 and GAP 5071.
Note: Market opens inside value. Don't be 'too anxious'. 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 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
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
10:00 Consumer Sentiment
10:15 Fed's Waller and Logan
12:15 PM Fed's Bostic
1:00 PM Baker Hughes
1:30 PM Fed's Daly
3:30 PM Fed's Kugler
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