Outlook 12/06: A holy sell-off appears to be underway as President Trump is set to officially recognize Jerusalem as the capital of Israel and initiate the process of relocating the U.S. embassy to the city from Tel Aviv. Equities were hit hard overnight in Asia, extending to Europe and the U.S. Arab leaders have warned that the momentous shift in foreign policy could spark unrest and violence across the Middle East.
/ES Value: YVAH 2645 YPOC 2641 YVAL 2632
/ES Plan: Yesterday market closed balanced after later sell off. Overnight inventory is bearish (GBT 2618), moving below Yesterday's value, so we've these options:
A) If market remains below LVN 2627 with bearish internals, try to be a seller leaning on 2627-2626 towards ONL-GBT 2620-18 and LVN 2606. Failure to take out ONH early is a signal of weakness.
B) If market starts to move above LVN 2627 with bullish internals, try to be a buyer leaning on 2627 towards YVAL-LVN 2632-34 and YPOC 2641. Failure to breakdown ONL early is a signal of a strength.
Tips: Successful traders have some common psychological traits that contribute to their success. These traits include: Know your limits and do not over trade, risk management to preserving capital and finally maintain trading discipline at all times.
Today's Economic Calendar
10:30 AM EIA Petroleum Inventories
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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