Outlook 12/29: Today is the final trading day of 2017. And what a year it has been. Investors in the U.S. are currently looking at gains of right at 20% for the SP500, in the strongest year for U.S. stocks since 2013.
/ES Value: YVAH 2687 YPOC 2685 YVAL 2684
/ES Plan: Yesterday market closed leaving a balanced profile. Overnight inventory is bullish (GBT 2704.50) printing a new record high pending to be visited on regular trading hours, so we've these options:
A) If market remains above LIS 2692 with bullish internals, try to be a buyer leaning on 2691.50-93.50 towards ONH and PBTs 2702-2707. Failure to breakdown LIS early is a signal of a strength.
B) If market starts to move below LIS 2692 with bearish internals, try to be a seller leaning on 2691.50-90.50 towards YPOC 2685. Failure to take out ONH early is a signal of weakness.
Note: This record high doesn't show decent excess on it. This lack of excess increases the odds of the "Santa Claus Rally", which covers the final five days of the year and the first two of the next. 2700 in sight.
Today's Economic Calendar
1:00 PM Baker-Hughes Rig Count
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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