Outlook 01/29: U.S. stock index futures show small gains overnight after yesterday sell-off due two major U.S. companies, Caterpillar and Nvidia, plunged post-earnings. The latest corporate warnings follow a new report from Washington that could help feed economic fears. The Congressional Budget Office predicts the recent government shutdown will cost the U.S. about $3B in reduced output in 2019, shaving about 0.4 of a percentage point off GDP in Q1. Consumer confidence figures are also due out this morning, which likely will reveal how much the government shutdown affected Americans.
/ESH19 Value: YVAH 2639 YPOC 2636 YVAL 2628 GAP 2642
/ES Plan: Yesterday market closed bearish (PBT 2609) but overnight looks slight bullish (GBT 2653), moving above previous value, so we've these options:
A) If market remains above LIS 2643 with bullish internals, buy towards ONH 2647 HVE 2652 GAP 2663.25 HVE 2684.
B) If market starts to move below 2643 with bearish internals, sell towards ONL 2628.50 HVE 2620 and PBT 2609.
Today's Economic Calendar
10:00 Consumer Confidence
11:30 2-Year Note Auction
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.
Questions via @verniman direct message (RTH) or email (After Close).
Glossary of terms
