Outlook 11/27: Retailers will remain in focus as consumers continue their holiday season shopping on Cyber Monday. On Friday, retail stocks led the SP500 and Nasdaq to all-time highs as shoppers spent $7.9 billion online on Thanksgiving and Black Friday, a 17.9% jump from a year ago. In the week ahead, the economic calendar will have the Conference Board's consumer confidence reading on Tuesday, the second look at third quarter GDP on Wednesday, and the aforementioned November reading on auto sales due out Friday.
/ES Value: YVAH 2603 YPOC 2601 YVAL 2599
/ES Plan: Market closed on Friday leaving bullish imbalanced (PBT 2613). Overnight inventory is bullish (GBT 2609), moving within Friday's value and printing new record high 2604.50 and we know that ON record highs should be confirmed on RTH. As usual, so we've 2 options:
A) If market remains above YVAL 2599 with internals rising, try to be a buyer leaning on 2598-2599 towards GBTs 2609 and 2613. Failure to breakdown YVAL early is a signal of a strength.
B) If market starts to move below YVAL 2599 with internals falling, try to be a seller leaning on 2599-2598 towards LVN 2594 and edge 2586. Failure to take out ONH early is a signal of weakness.
Tips: As you mature as a trader you will understand that trading is “not a game of perfect”. It is a game of ifs, buts, nearly’s, maybes. Trading is a probability based endeavor. You cannot be perfect! The nature of markets and the nature of humans creates an environment of imperfection. Perfectionism is an admirable quality to some degree, but can often be destructive and is likely to hinder you as a trader. Just pick small targets and focus like a laser on them.
Today's Economic Calendar
10:00 AM New Home Sales
10:30 AM Dallas Fed Manufacturing Survey
11:30 AM 2-Year Note Auction
01:00 PM 5-Year Note Auction
07:00 PM Fed's Dudley speech
Link for Updates (Check it during RTH session)
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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