Outlook: Uncertainty over a U.S. tax reform deal pushed world stock markets further away from recent record highs on Monday, while Britain's pound fell on growing concern about the future of Prime Minister Theresa May.
/ES Value: YVAH 2581 YPOC 2577 YVAL 2574
/ES Plan: Market closed bearish on Friday (PBT 2568). Overnight shows a wide multimodal profile (PBT 2561), moving below Friday's value, so we've 2 options:
A) If market remains below YVAL 2574 with internals falling, try to be a seller leaning on 2574-2575 towards PBT 2568 and GAP 2561. Failure to breakdown ONL early is signal of a strength.
B) If market starts to move above YVAL 2574 with internals rising, try to be a buyer leaning on 2574-2575 towards GAP 2579.75 and ONH 2584.50 Failure to take out YVAL early is signal of weakness.
Tips: Watching this ON sell off, remember, if the market is moving in one direction, never fade it. Never try to buy the low or sell the high of the day and never try to guess the end of a directional move. That will keep you out of a disaster.
Today's Economic Calendar
2:00 PM Treasury Budget
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.
Questions? Just ask via email or twitter direct message.
