Outlook 12/27: Wednesday marked the biggest post-Christmas rally for U.S. stocks ever amid strong retail sales indications, surging oil prices and positive headlines from the White House. The SP500 and Nasdaq recorded their best days since March 2009. Santa's trip to Wall Street is not coming easy, however, with futures pointing to a significant decline for the three major U.S. stock indexes ahead of the open. Due to the partial government shutdown, monthly new home sales data that was scheduled to be released this morning has been postponed indefinitely.
/ESH19 Value: YVAH 2420 YPOC 2405 YVAL 2380 GAP 2469
/ES Plan: Yesterday market closed bullish but overnight inventory looks more balanced moving above previous value, into 2444-2415 range, so we've these options:
A) If market remains below HVE 2444 with bearish internals, become a seller towards ONL 2422 YVAH 2420 and HVEs 2415-2395-2381.
B) If market starts to move above 2444 with bullish internals, be a buyer towards GAP 2469 ONH 2481.50 and HVEs 2508-2520-2529.
Tips: Keep in mind RTH timeline, 10am ET data, Initial Balance, European close, Bonds close. Usually, after 10am ET data, the 1st half of each hour offers pullbacks and 2nd half follows the current trend.
Today's Economic Calendar
10:00 Consumer Confidence
01:00 PM 7-Year Note Auction
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
