Outlook 02/21: The Fed is set to release the minutes from its last gathering in January, which could have more impact than usual if they provide new insight on inflation or interest rates. Fears of rising inflation are at the heart of what's recently been ailing the stock market. The minutes could also be a window into what new Fed Chair Jerome Powell might say when he appears before Congress next week for his semi-annual testimony on the economy.
/ES Value: YVAH 2736 YPOC 2724.50 YVAL 2718
/ES Plan: Yesterday market closed balanced and overnight is bullish (GBT 2747) within Yesterdays value, so we've 2 options:
A) If market remains above LVN 2722 with bullish internals, try to be a buyer leaning on 2722-20 towards YVAH 2736 and VPOC 2740. 'Look above and fail' is a signal of weakness.
B) If market starts to move below LVN 2722 with bearish internals, try to be a seller leaning on 2722-20 towards GAP 2714 and LVN 2704. 'Look below and fail' is a signal of strength.
Today's Economic Calendar
09:45 PMI Composite Flash
10:00 Existing Home Sales
01:00 PM 5-Year Note Auction
02:00 PM FOMC minutes
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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