Outlook 12/05: The Senate Banking Committee will take two major steps today toward reshaping federal financial regulations and U.S. economic policy. The panel is expected to approve the nomination of Jerome Powell as Fed Chair, then mark up a bipartisan bill to exempt small and mid-size banks from portions of the Dodd-Frank Act. Powell is seen as a non-controversial pick and would take up the post on Feb. 3.
/ES Value: YVAH 2663 YPOC 2660 YVAL 2651
/ES Plan: Yesterday market closed bearish after later sell off. Overnight inventory is bullish (GBT 2651), moving below Yesterday's value, so we've these options:
A) If market remains above LVN 2640 with bullish internals, try to be a buyer leaning on 2640-2642 towards ONH 2644.75 and GBT 2651. Failure to breakdown ONL early is a signal of a strength.
B) If market starts to move below LVN 2640 with bearish internals, try to be a seller leaning on 2640-2641 towards LVNs 2634-2627-2619. Failure to take out ONH early is a signal of weakness.
Tips: As you mature as a trader you will understand that trading is “not a game of perfect”. It is a game of ifs, buts, nearly’s, maybes. Trading is a probability based endeavor. You cannot be perfect! Just pick realistic targets and focus like a laser on them.
Today's Economic Calendar
09:45 AM PMI Services Index
10:00 AM ISM Non-Manufacturing Index
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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