Outlook 09/13: Stock futures rise Friday as traders sought to shake off a sluggish September. The SP500 is coming off their fourth straight winning session, adding to their strong week-to-date performances. The broad market index is up nearly 3.5% this week. Traders are now looking ahead toward the Federal Reserve’s policy meeting on Sept. 17-18, where the central bank is largely anticipated to lower interest rates by 25 basis points. Currently, the Fed’s target rate is sitting at 5.25% to 5.5%. On the economic front, traders will look toward August’s import prices data Friday morning. Preliminary consumer sentiment figures for September are also scheduled for release.
ESU24 (SEP2024): YVAH 5593 YPOC 5565 YVAL 5545 GAP 5596
/ES Plan: Yesterday market closed bimodal, but overnight, looks more bullish (PBT 5630), moving above previous value/range, so these're the opening and initial balance options for today:
A) If market moves above HVE 5609 with bullish internals, buy towards ONH 5618 HVE-PBT 5631 and GAP 5654 magnet.
B) If market moves below HVE 5609 with bearish internals, sell towards GAP 5596 YVAH 5593 and YVAL 5545 magnet.
Note: Market opens above value and if it begins to trade within value,
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.
Reminder: We're into
rollover and usually rollover days show big divergences between Stocks vs. Futures, so setups that usually work well, may fail completely. I'll be quoting /ESZ24 when volume of December contract is greater than September contract.
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10:00 AM Consumer Sentiment
01:00 PM Baker Hughes Rig Count
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