Outlook 02/20: Markets today will be eyeing minutes from the Fed's January meeting, the one where Jerome Powell did an about-face and indicated that the central bank could hold off on raising rates. Next big market catalyst? Balance sheet normalization will likely be discussed, with Wall Street believing the Fed will end its roll-off by the end of the year. More clues will also be sought on what the minutes could mean for yield curve inversion trade, as well as the recent boost to stocks following the wildness of late 2018.
/ESH19 Value: YVAH 2784 YPOC 27875 YVAL 2771 GAP 2778.50
/ES Plan: Yesterday market closed balanced leaving a bimodal profile (LIS-LVN 2778) and overnight is still moving within that previous value, so we've these options:
A) If market remains above LIS-LVN 2778 with bullish internals, become a buyer towards ONH 2782.25 and HVEs 2784-2796-2808.
B) If market starts to move below 2778 with bearish internals, sell towards HVEs 2764-2758-2743 LVN 2734 and HVEs 2728-2719.
Today's Economic Calendar
10:00 E-Commerce Retail Sales
11:30 2-Year FRN Auction
02:00 PM FOMC minutes
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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