Outlook 12/18: U.S. futures are pointing to a slight recovery for its worst December since the Great Depression. Aside from signs of slowing growth around the world, drama is setting in as the FOMC begins its two-day meeting on interest rate policy. President Trump took aim again, stating it was "incredible that with a very strong dollar, virtually no inflation and the outside world blowing up around us...the Fed is even considering yet another rate hike".
/ESH19 Value: YVAH 2605 YPOC 2575 YVAL 2558 GAP 2555.50
/ES Plan: Yesterday market closed bimodal (LIS 2569) but overnight look slight bullish, moving within previous value, into 2562-2586 range, so we've these options:
A) If market remains above LIS 2569 with bullish internals, be a buyer towards ONH 2576.25 HVE 2586 and YVAH 2605.
B) If market starts to move below 2569 with bearish internals, sell towards HVE 2562 GAP-ONL 2555-52 and HVE 2539.
Tips: Pace of the Roll now is around 60%. March contract shows more volume than December. I'm quoting /ESH19. Usually rollover days show big divergences between Stocks vs. Futures, so setups that usually work well, may fail completely. Be cautious until Friday expiration.
Today's Economic Calendar
FOMC meeting begins
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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Glossary of terms
