Outlook 12/26: U.S. stock futures are largely unchanged as several of the world's major financial markets reopened following a long holiday weekend. Although trading is expected to be thin this week as many traders are still away for the Christmas break.
/ES Value: YVAH 2689 YPOC 2687 YVAL 2685
/ES Plan: Market closed balanced last Friday but overnight inventory is slight bearish, moving within Friday's value, so we've these options:
A) If market remains below YPOC-LIS 2687 with bearish internals, try to be a seller leaning on 2687-2685 towards GAP 2681.75 and LVNs 2679-2675. Failure to take out ONH early is a signal of weakness.
B) If market starts to move above YPOC-LIS 2687 with bullish internals, try to be a buyer leaning on 2687-2689 towards LVN 2693 ATH 2698 and PBT 2702. Failure to breakdown YVAL early is a signal of a strength.
Note: Watching at the bigger picture, last record high doesn't show decent excess on it. Usually, market needs an excess high to call an end to the current bullish auction. This lack of excess increases the odds that, soon or later, the all time high (ATH 2698) will be revisited.
Today's Economic Calendar
10:00 AM Richmond Fed Mfg.
10:00 AM State Street Confidence Index
10:30 AM Dallas Fed Manufacturing Survey
01:00 PM 2-Year Note Auction
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.
