Outlook 09/12: On Wednesday, Apple is expected to reveal three new iPhones with the Apple Watch also rumored to be getting a design upgrade, the first major update to the device's look since it debuted in 2015. Apple stock rose the most in five weeks on higher than average trading volume ahead of the event. Outside of Apple's event, the main economic highlight is likely to be the Federal Reserve's latest Beige Book, a collection of economic anecdotes from each of the central bank's 12 districts. This report helps form the basis of the discussion at the Fed's next policy meeting, which is slated to kick off in two weeks.
/ESU8 Value: YVAH 2893 YPOC 2890 YVAL 2878
/ES Plan: Yesterday market closed bullish (PBT 2912) but overnight looks bearish (GBT 2881), moving within yesterday's value, so we've these options:
A) If market remains below YPOC 2890 with bearish internals, try to lean on 2890 towards HVE 2885 GBT 2881 YVAL 2878 HVE 2864 and PBT 2858. 'Look below and fail' is a bullish signal.
B) If market starts to move above YPOC 2890 with bullish internals, become a buyer towards YVAH 2893 ONH 2895.25 GAP 2898.50 and HVE 2900. 'Look above and fail' is a bearish signal.
Tips: Don't use fixed stops and targets, set them to market structure (LIS-VWAP-VAH-VAL-LVN). If you've to use fixed stops, try to use stops greater than /ES rotation factor (2.5 points).
Today's Economic Calendar
10:00 Atlanta Fed's Inflation Expectations
10:30 EIA Petroleum Inventories
12:45 PM Fed's Brainard speech
01:00 PM 10-Year Note Auction
02:00 PM Fed's Beige Book
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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