Outlook 01/16: Stocks Markets appear to have weathered a U.K. political storm, with most global equity indexes posting gains or moderate losses. Investors seem to have wagered that London will have no choice but to delay its Brexit deadline after Theresa May suffered a huge parliamentary defeat on her Brexit plan, prompting a no-confidence motion from Labour and the EU to say it won't renegotiate. The landmark defeat also means a likely delay to the next BOE interest rate hike, until the shape of Brexit is more clearly known.
/ESH19 Value: YVAH 2611 YPOC 2608 YVAL 2596 GAP 2604.50
/ES Plan: Yesterday market left a bullish imbalance (PBT 2631-35) and overnight continues on the same way, moving a few ticks above previous value, so following the basic opening plan, we've these options:
A) If market remains above YVAH 2611 with bullish internals, become a buyer towards ONH 2617 HVE 2620 PBTs 2631-35 and HVE 2652.
B) If market starts to move below YVAH 2611 with bearish internals, sell towards GAP 2604.50 ONL 2602.50 YVAL 2596 and HVE 2586.
Today's Economic Calendar
10:00 Business Inventories
10:00 NAHB Housing Market Index
10:30 EIA Petroleum Inventories
02:00 PM Fed's Beige Book
02:00 PM UK Brexit Vote
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
