Outlook 11/28: All eyes will be on Washington Tuesday morning for Fed chair nominee Jerome Powell's confirmation hearing before the Senate Banking Committee. In prepared remarks, Powell said the Fed expects "interest rates to rise somewhat further and the size of our balance sheet to gradually shrink."
/ES Value: YVAH 2603 YPOC 2601.75 YVAL 2599
/ES Plan: Yesterday market closed leaving a balanced profile and printing new record high 2605.50 on RTH. Overnight inventory is bullish (GBT 2608), moving above Yesterday's value, so we've these options:
A) If market remains above YVAL 2599 with bullish internals, try to be a buyer leaning on 2599-2601.50 towards GBTs 2608 and 2613. Failure to breakdown YVAL early is a signal of a strength.
B) If market starts to move below YVAL 2599 with bearish internals, try to be a seller leaning on 2599-2600 towards LVN 2595 and edge 2586. Failure to take out ONH early is a signal of weakness.
Tips: Try to be buyer/seller' above/below key levels means to watch volume at price and internals closely. You've to see volume at price increasing, drawing a peak, and leaving a LVN behind to lean on that. Also, you've to watch cash internals rising/falling in your direction.
Today's Economic Calendar
08:30 AM International trade in goods
08:55 AM Redbook Chain Store Sales
09:00 AM FHFA House Price Index
09:00 AM Case-Shiller Home Price Index
09:15 AM Fed's Dudley speech
10:00 AM Consumer Confidence
10:00 AM Richmond Fed Mfg.
10:00 AM State Street Confidence Index
10:00 AM Fed's Powell speech
01:00 PM 7-Year Note Auction
02:00 PM Gallup US ECI
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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