Global Rally
Outlook: The global rally in equities is showing no signs of letting up, as investors drive stocks to all-time highs. Japan's Nikkei hit its best level since 1992 overnight, Germany's DAX scored a record high and all three of Wall Street's major indexes just closed at fresh peaks.
/ES Value: YVAH 2589.75 YPOC 2588 YVAL 2584.75
/ES Plan: Yesterday market closed leaving bullish imbalance (PBT 2600). Overnight inventory is balanced showing a bearish profile (PBT 2583), moving within yesterday's value, so as usual we've 2 options:
A) If market remains below YVAH 2589.75 with internals falling, try to be a seller leaning on 2589-2590 towards YVAL 2585 and PBT 2583. Failure to breakdown ONL early is signal of a strength.
B) If market moves above YVAH 2589.75 with internals rising, try to be a buyer leaning on 2589-2590 towards ONH 2593.50 and PBT 2600. Failure to take out ONH early is signal of weakness.
Tips: Globex printed a new record high and we know that ATH printed in the overnight session has always been revisited during U.S.RTH.
Today's Economic Calendar
08:55 AM Redbook Chain Store Sales
10:00 AM JOLTS
01:00 PM 3-Year Note Auction
03:00 PM Consumer Credit
03:00 PM Janet Yellen 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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