Outlook 03/13: U.S. stock futures are little changed after SP500 printed new record high. The positive day came after inflation data was about in line with expectations. It’s difficult to see what may stop the market’s momentum, as earnings, inflation, and interest rates are moving in the right direction. Ultimately what determines the end of this rally is going to be based on whether we have some kind of shock or unexpected event.
/ESM24 (JUN 2024): YVAH 5245 YPOC 5229 YVAL 5207 GAP 5241.50
/ES Plan: Yesterday market closed bullish (PBT 5280), but overnight looks more balanced, moving within value, so these're the opening and initial balance options for today:
A) If market moves above YVAH 5245 with bullish internals, buy towards ONH 5247 and PBT 5280.
B) If market moves below YVAH 5245 with bearish internals, sell towards YPOC 5229 and YVAL 5172.
Note: Rollover week. Pace of the Roll is around 70%. I´m quoting /ESM24 (June 2024). Usually rollover days show big divergences between Stocks vs. Futures, so try to play these days on defensive mode. Setups that usually work well, may fail completely. 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.
Market Movers
10:00 Quarterly Services Survey
10:30 EIA Petroleum Inventories
1:00 PM 30-Year Bond Auction
Follow Twitter updates using TweetDeck old version.
Follow news and listen to order flow at FinancialJuice.
Questions via private twitter direct message (RTH)
