Outlook 12/19: U.S. stock index futures are set for a positive open as markets will be tracking the progress of tax reform in Washington, D.C., with the Republican tax cut package set for a vote in the House on Tuesday, which could clear the way for President Donald Trump to sign the bill into law later this week.
/ES Value: YVAH 2696 YPOC 2694.50 YVAL 2694
/ES Plan: Yesterday market closed balanced on RTH. Overnight inventory is bullish (GBT 2700), moving above yesterday's value and testing the last record high 2698, so as usual we've these options:
A) If market remains above YVAL-LVN 2694-93 with bullish internals, try to be a buyer leaning on 2694-2696 towards PBTs 2702-2707. Failure to breakdown ONL early is a signal of a strength.
B) If market starts to move below YVAL-LVN 2694-93 with bearish internals, try to be a seller leaning on 2694 towards LVNs 2690-87 GAP 2682. Failure to take out ONH early is a signal of weakness.
Today's Economic Calendar
08:30 AM Housing Starts
08:30 AM Current Account
08:55 AM Redbook Chain Store Sales
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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