Outlook 09/27: Global markets try to digest the Fed's interest hike announced on Wednesday. Its accompanying statement removed the language that the policy remains "accommodative." Fed Chair Jerome Powell explains that the phrase's "useful life was over." Regarding trade, the Fed doesn't see much effect from tariffs in economic data yet. The end result of the trade actions is what's important, Powell says. "In the end, if the place we get to is lower tariffs, that's good," he says.
/ESZ8 Value: YVAH 2936 YPOC 2927.50 YVAL 2921
/ES Plan: Yesterday market closed bearish but overnight looks more bullish, moving below yesterday's value, so we've these options:
A) If market remains above ON-VAH 2915 with bullish internals, become a buyer towards YVAL 2921 YPOC 2927.50 and YVAH 2936.
B) If market starts to move below ON-VAH 2915 with bearish internals, try to sell towards ONL 2907.50 GAP 2896 and LVN 2890.
Tips: Another way to read the 'tape' is using 2 tapes. One setting with orders greater than 50 contracts, and using a 2nd full tape to follow 'waves' of buyers or sellers. That means you see 'one' green or red wave.
Today's Economic Calendar
10:00 Pending Home Sales
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
01:00 PM 7-Year Note Auction
04:30 PM Jerome Powell Speech
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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