Outlook: The House of Representatives has passed a bill that would result in the biggest overhaul of the U.S. tax system in 31 years. It would reduce the number of individual brackets, increase the child tax credit, abolish the estate tax by 2025, chop the corporate tax rate to 20% and make other tweaks aiming to make businesses more competitive. But there are warning signs as the focus in Washington turns to the Senate's companion bill.
/ES Value: YVAH 2589 YPOC 2585 YVAL 2579
/ES Plan: Yesterday market closed balanced. Overnight inventory is balanced, moving within yesterday's value, so we've 2 options:
A) If market remains above YVAL 2579 with internals rising, try to be a buyer leaning on 2579-80-83 towards GAPs 2591.25 and ATH 2594.50 Failure to breakdown 2579 early is a signal of a strength.
B) If market starts to move below YVAL 2579 with internals falling, try to be a seller leaning on 2579-80 towards GAP 2565 and LVN 2562. Failure to take out ONH 2586 early is a signal of weakness.
Tips: Remember ATH 2594.50 has been made at Globex session, and we know that ATH printed in the overnight session has usually been revisited during regular trading hours.
Today's Economic Calendar
10:00 E-Commerce Retail Sales
11:00 Kansas City Fed Mfg Survey
1:00 PM Baker-Hughes Rig Count
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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