Outlook 12/01: U.S. stock index futures are pulling back from the Wall Street highs seen in the previous session as the Senate tax bill ran into significant hurdles. With concerns over the deficit, it's now possible that deep tax cuts might have to be moderated, future tax increases might be built in and that some conservatives might seek to attach spending cuts. A Senate vote has now been delayed, and it's not clear if it will even take place today.
/ES Value: YVAH 2655 YPOC 2648.50 YVAL 2640
/ES Plan: Yesterday market closed leaving a bullish imbalanced, printing new record high 2658.50 Overnight inventory is balanced, moving within Yesterday's value, so we've these options:
A) If market remains above YVAL 2640 with bullish internals, try to be a buyer leaning on 2639-2642.50-2644 towards YVAH 2655 and ATH 2658.50 Failure to breakdown YVAL early is a signal of a strength.
B) If market starts to move below YVAL 2640 with bearish internals, try to be a seller leaning on 2642.50-2639 towards LVN 2634 and ONL 2631.25 Failure to take out ONH early is a signal of weakness.
Today's Economic Calendar
09:05 AM Fed's Bullard speech
09:30 AM Fed's Kaplan speech
09:45 AM PMI Manufacturing Index
10:00 AM ISM Manufacturing Index
10:00 AM Construction Spending
10:15 AM Fed's Harker speech
01:00 PM Baker-Hughes Rig Count
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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