Outlook 12/21: Stock markets around the world continued to slide Friday as a last minute Santa Rally continued to look increasingly unlikely. Adding to worries triggered by the Federal Reserve, President Trump is refusing to sign a stopgate spending bill unless he gets border wall funding, sparking fears of a weekend government shutdown. U.S Defense Secretary James Mattis, largely seen as a moderating influence on the president, also resigned overnight, extending political tensions after Trump announced a decision to withdraw U.S. troops from Syria.
/ESH19 Value: YVAH 2496 YPOC 2473 YVAL 2460 GAP 2487
/ES Plan: Yesterday market closed balanced and overnight continues on that way moving within previous value, into 2481-2508 range, so we've these options:
A) If market remains above HVE 2481 with bullish internals, buy towards GAP 2487 ONH 2492 YVAH 2496 and HVE 2508-20.
B) If market starts to move below 2481 with bearish internals, be a seller towards ONL 2467 and HVEs 2463-2444-2427.
Tips: Quadruple witching will also take place for the fourth and final time this year. This is a phenomenon that occurs on the third Friday in March, June, September and December. During quadruple witching, index futures, index options, stock options and stock futures expire on the same day, which tends to stir up bursts of trading volume.
Today's Economic Calendar
10:00 Personal Income and Outlays
10:00 Consumer Sentiment
11:00 Kansas City Fed Mfg Survey
01:00 PM Baker-Hughes Rig Count
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
Questions? Just ask via email or twitter @verniman direct message.
Glossary of terms
