A step back

Outlook 12/10: Stock futures are little changed as year-end rally pauses. The major averages fell on Monday about 0.6%, dropping from recent records as Nvidia shares declined. Investors are now waiting on the U.S. consumer price index report, which is due Wednesday and could influence how the Federal Reserve proceeds on interest rates at its Dec. 17-18 meeting. Economists forecast that headline inflation rose 0.3% in November and 2.7% over the prior 12 months. Several companies of note are also reporting results Tuesday, including GameStop.  

ESZ24 (DEC2024): YVAH 6081 YPOC 6075 YVAL 6061 GAP 6061

/ES Plan: Last session market closed bearish (PBT 6043), but overnight looks more bullish, still moving within previous value, so these're the opening and initial balance options for current session:

A) If market remains above YPOC 6075 with bullish internals, buy towards YVAH 6081 GAP 6098 YHOD 6106 and PBT 6125 magnet.

B) If market moves below YPOC 6075 with bearish internals, sell towards YVAL-HVE-GAP  6061 HVE 6054 and PBT 6043 magnet. 

Note: Market is near a long term target (6125) so we could see a last rally towards that major level. Keep in mind that market needs an excess high to call a top and a potential major reversal.

Market Movers

11:00 AM Treasury Buyback Announcement
01:00 PM 3-Year Note Auction
02:00 PM Treasury Buyback Results 

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