Outlook 12/18: U.S. stock index futures are set for a positive open as investors will keep their focus on tax reform and the goings-on in Washington, D.C. for the final full trading week of the year. Late Friday, Republican leadership released a draft of its plan to cut corporate taxes that could come to a vote in both houses of Congress at the end of the week.
/ES Value: YVAH 2683 YPOC 2677.25 YVAL 2669
/ES Plan: Last Friday market closed leaving a bullish imbalanced (LIS 2702). Overnight inventory is bullish, moving above Friday's value and printing new record high so as usual we've these options:
A) If market remains above LVN 2688 with bullish internals, try to be a buyer leaning on 2688-2690 towards PBTs 2700-2702. Failure to breakdown ONL early is a signal of a strength.
B) If market starts to move below LVN 2688 with bearish internals, try to be a seller leaning on 2688-2687 towards GAP 2682 and LVN 2679. Failure to take out ONH early is a signal of weakness.
Tips: Remember new record high has been made at Globex session, and we know that ATH printed in the overnight session has usually been revisited during regular trading hours.
Today's Economic Calendar
10:00 NAHB Housing Market 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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