Outlook 12/28: It's a roller coaster ride on Wall Street heading into the penultimate trading day of the year. U.S. stocks roared back to end in positive territory on Thursday after suffering steep losses for much of the session, and the same sentiment took place overnight, with futures now pointing to strong gains.
/ESH19 Value: YVAH 2444 YPOC 2423 YVAL 2405 GAP 2493.25
/ES Plan: Yesterday market closed bullish and overnight looks bimodal (LIS 2500) moving above previous value, into 2481-2541 range, so we've these options:
A) If market remains above LIS 2500 with bullish internals, become a buyer towards HVE 2508 ONH 2519.25 and HVEs 2529-2541.
B) If market starts to move below 2500 with bearish internals, sell towards GAP 2493.25 ONL 2477.75 GAP 2469 and HVE 2444.
Note: Due to the government shutdown, planned goods trade balance and wholesale inventories data will be postponed. Retail Inventories, Pending Home Sales and Chicago PMI data will still be released.
Today's Economic Calendar
09:45 Chicago PMI
10:00 Pending Home Sales
10:30 EIA Natural Gas Inventory
11:00 EIA Petroleum Inventories
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.
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