Outlook: President Trump is set to pick Fed Governor Jerome Powell to be the next Fed chair, succeeding Janet Yellen, whose four-year term expires in early February. He is seen as the "safe choice" because he's not expected to veer drastically from current Fed policy. That would mean gradually raising short-term interest rates in quarter-percentage-point steps through 2020, while slowly shrinking the Fed's balance sheet.
/ES Value: YVAH 2581 YPOC 2576 YVAL 2572
/ES Plan: Yesterday market closed balanced. Overnight inventory is bearish, with a bullish profile (PBT 2580), moving within yesterday's value, so as usual we've 2 options:
A) If market remains above LVN-GAP 2569-68 with volume rising, try to be a buyer leaning on 2569-2571 towards PBT 2580 and ATH 2585. Failure to take out ONH early is signal of weakness.
B) If market moves below LVN-GAP 2569-68 with volume falling, try to be a seller leaning on 2569-2568 towards LVN 2565 and GAP 2561. Failure to breakdown ONL early is signal of a strength.
Today's Economic Calendar
09:45 AM Bloomberg Consumer Comfort Index
10:30 AM EIA Natural Gas Inventory
03:00 PM Trump Fed Chair announcement
04:30 AM Money Supply
04:30 AM Fed Balance Sheet
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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