Outlook: President Donald Trump is scheduled to head to the House today, rallying Republican members before their long-awaited vote on tax legislation, which is expected to take place after 1:30 PM ET.
America's biggest retailer will be the market's big story on Thursday. Earnings from Walmart (WMT), due out before the market opens.
/ES Value: YVAH 2569 YPOC 2564 YVAL 2562
/ES Plan: Yesterday market closed balanced. Overnight inventory is bullish (PBT 2584), moving above yesterday's value, so we've 2 options:
A) If market remains above YVAH 2569 with internals rising, try to be a buyer leaning on 2569-70 towards GAPs 2578-82 and PBT 2584. Failure to breakdown 2569 early is a signal of a strength.
B) If market starts to move below YVAH 2569 with internals falling, try to be a seller leaning on 2569-70 towards YPOC 2564 and ONL-YVAL 2562. Failure to take out ONH 2575.75 early is a signal of weakness.
Tips: Take few trades, those that show volume, profile and trend in your side. You can use cash internals and VWAP slope to measure volume, then watch the skew of the profile (p, b, B, D) and finally check trend using a zig-zag view of price action (HH-HL-LH-LL). Less is more.
Today's Economic Calendar
10:00 AM Business Inventories
10:00 AM Atlanta Fed's Business Inflation
10:30 AM EIA Petroleum Inventories
01:30 PM Vote on tax legislation
04:00 PM Treasury International Capital
04:00 PM Fed's Rosengren 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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