Rate relief

Outlook 09/23: Stock futures rise slightly after a winning week that centered around the Federal Reserve’s decision to lower interest rates by 50 basis points, its first cut in four years. Despite some choppiness following the initial announcement, stocks rallied in the days following. Atlanta Federal Reserve President Raphael Bostic said Monday he supported last week’s half percentage point interest rate cut and believes policymakers can move more quickly than he had expected to loosen monetary policy. Minneapolis Fed President Neel Kashkari supports another 50bp rate cut this year. Investors will be watching Monday for economic data on the service and manufacturing sectors. 

ESZ24 (DEC2024): YVAH 5769 YPOC 5763 YVAL 5750 GAP 5756

/ES Plan: Last session market closed bullish (PBT 5792), and overnight continues on that way (PBT 5797), moving above previous value, so these're the opening and initial balance options for today:

A) If market remains above YVAH 5769 with bullish internals, buy towards YHOD 5777 and PBTs 5792-97-5826 magnets.

B) If market moves below YVAH 5769 with bearish internals, sell towards GAP 5756 magnet YVAL 5750 and YLOD 5733.

Note: If market opens above value and it begins to trade within value, VAR comes into play. It's Monday, usually the quietest days of the week. Many traders want to take their time analyzing the market, and usually, there are few economic releases. 

Market Movers

9:45 PMI Composite Flash

10:15 Fed's Goolsbee Speech

1:00 PM Fed's Kashkari Speech

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