Outlook 03/20: Today will have a light schedule to contend with as no major economic data is set for release while the Federal Reserve will begin its two-day policy meeting that will culminate in Wednesday's latest monetary policy statement at 2:00 p.m. ET.
/ESM8 Value: YVAH 2723 YPOC 2716 YVAL 2700
/ES Plan: Yesterday market closed bearish (PBT 2678) but overnight inventory is bullish (GBT 2732) moving a few ticks above Yesterday's range, so we've these options:
A) If market remains above YVAH 2723 with bullish internals, try to be a buyer leaning on 2723-2720 towards ONH 2729 and GBT 2732. 'Look below and fail' is a signal of strength.
B) If market starts to move below YVAH 2723 with bearish internals, become a seller leaning on 2723 towards YPOC 2716 and YVAL 2700. 'Look above and fail' is a signal of weakness.
Tips: Consider the habits of the product you trade, such as '10 Handle Rule' 'Value Area Rule' and 'One Tick Failure'. More on Glossary.
Today's Economic Calendar
FOMC meeting begins
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
Questions? Just ask via email or twitter @verniman direct message.
