Outlook 12/22: U.S. stock futures pointed to slight and quiet session on Friday as investors prepare for the Christmas holiday. The highlight of the week was a historic overhaul of the U.S. tax code. Investors were also relieved after the U.S. Congress averted a government shutdown on Thursday just one day before federal funding was due to expire.
/ES Value: YVAH 2693 YPOC 2691.75 YVAL 2687
/ES Plan: Yesterday market closed leaving a bullish imbalance (PBT 2698.50) Overnight inventory is balanced, moving within yesterday's value, so as usual we've these options:
A) If market remains above YVAL 2687 with bullish internals, try to be a buyer leaning on 2687-2688 towards LVN 2693 ATH 2698 and PBT 2702. Failure to breakdown YVAL early is a signal of a strength.
B) If market starts to move below YVAL 2687 with bearish internals, try to be a seller leaning on 2687-2688 towards GAP 2681.75 and LVNs 2679-2675. Failure to take out ONH early is a signal of weakness.
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 New Home Sales
10:00 AM Consumer Sentiment
11:00 AM Kansas City Fed Mfg Survey
01:00 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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