Outlook 06/22: Markets will be alert on Friday with the latest meeting of OPEC set to take place in Vienna. Analysts say they expect OPEC to announce a modest increase to its oil production targets. Consensus among the group is to raise production by a combined 1M barrels per day. However, Iran has expressed opposition to such a deal, facing U.S. sanctions that threaten to keep buyers away.
The 35 largest U.S. banks have all cleared the first stage of an annual stress test, showing they would be able to maintain enough capital in an extreme recession to meet regulatory requirements
/ESU8 Value: YVAH 2760 YPOC 2754 YVAL 2752
/ES Plan: Yesterday market closed bearish but overnight profile is bullish (GBT 2780), moving above yesterday's value, so we've these options:
A) If market remains above YVAH-LIS 2760 with bullish internals, become a buyer above 2760-2762 towards HVE 2779 and GBT 2780. 'Look below and fail' is a bullish signal.
B) If market starts to move below YVAH 2760 with bearish internals, become a seller leaning on 2760 towards HVE 2752 and ONL 2749.25. 'Look above and fail' is a bearish signal.
Today's Economic Calendar
9:45 PMI Composite Flash
1:00 PM Baker-Hughes Rig Count
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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