Outlook 05/30: The Federal Reserve Board is meeting today to start rolling back the Volcker Rule, which had banned proprietary trading by banks in the aftermath of the financial crisis. The expected revisions will likely reduce compliance costs and make it easier to take advantage of exemptions as Trump administration regulators look to ease banking rules in a bid to boost lending and economic growth.
/ESM8 Value: YVAH 2697 YPOC 2688.50 YVAL 2675
/ES Plan: Yesterday market closed bimodal (LIS 2695) and overnight inventory is bullish (GBT 2723), moving above Yesterday's range, so as usual we've these options:
A) If market remains above YVAH 2697 with bullish internals, be a buyer leaning on 2697-95 towards ONH 2707.75 HVE 2712 and GAP 2723.25 'Look below and fail' is a bullish signal.
B) If market starts to move below YVAH 2697 with bearish internals, become a seller leaning on 2697 towards ONL 2685.75 and YVAL 2675. 'Look above and fail' is a bearish signal.
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
2:00 PM Fed's Beige Book
2:00 PM Fed's Volcker Rule
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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