Outlook 05/23: U.S. stock index futures are sinking further into the red, after President Trump told reporters there was a "substantial chance" his summit with Kim Jong Un will not take place on June 12. The president also said he was "not satisfied" with trade talks with China.
Divisions among Fed officials over the yield curve and inflation will be under the spotlight today when the U.S. central bank publishes minutes of its last policy meeting.
/ESM8 Value: YVAH 2741 YPOC 2736 YVAL 2731
/ES Plan: Yesterday market closed bearish and we could see a strong sell off overnight. ON profile is bearish (LIS 2712-GBT 2692) moving below yesterday's range, so we've these options:
A) If market remains below HVE 2712 with bearish internals, become a seller leaning on 2712-2715 towards ONL 2704.50 LVN 2700 GAP 2696. 'Look above and fail' is a bearish signal.
B) If market starts to move above HVE 2712 with bullish internals, be a buyer leaning on 2712 towards YLOD 2721 ONH 2726.25 and YVAL 2731. 'Look below and fail' is a bullish signal.
Tips: A strong move overnight means futures and stocks are out of line, so that should be repaired during the Initial Balance (1st NYSE hour).
Today's Economic Calendar
09:45 PMI Composite Flash
10:00 New Home Sales
10:30 EIA Petroleum Inventories
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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