Outlook 05/31: Washington does not want a trade war with the EU, but whether there is an escalation or not will depend on the bloc, U.S. Commerce Secretary Wilbur Ross told Le Figaro. The U.S. today will likely announce import tariffs on steel and aluminum originating from the EU, as well as issue a decision on Mexico and Canada, either before markets open or after the markets close.
/ESM8 Value: YVAH 2729 YPOC 2723.50 YVAL 2714
/ES Plan: Yesterday market closed bullish (PBT 2745). Overnight inventory is balanced, moving within Yesterday's range, so as usual we've these options:
A) If market remains above LVN 2720 with bullish internals, be a buyer leaning on 2720-22 towards ONH 2728.25 HVE 2733 and PBTs 2745-2748. 'Look below and fail' is a bullish signal.
B) If market starts to move below LVN 2720 with bearish internals, become a seller leaning on 2720 towards ONL 2718 YVAL 2714 and HVE 2712. 'Look above and fail' is a bearish signal.
Tips: Consider the timeline of events during your trading session, such as the Economic Calendar, the Initial Balance (10:30am ET), the European Close (11:30am ET), the Lunch Break (12:00-1:30pm ET) and the US Bonds close (3:00pm ET).
Today's Economic Calendar
09:45 Chicago PMI
09:45 Bloomberg Consumer Comfort Index
10:00 Pending Home Sales
10:30 EIA Natural Gas Inventory
11:00 EIA Petroleum Inventories
01:00 PM Fed's Brainard speech
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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