Outlook 02/06: President Trump delivered the State of the Union address to Congress last night. Trump said the administration is seeking fair trade, cheaper prescription drug prices, and an improvement in the nation's infrastructure. Trump also disclosed that he plans to meet with North Korean leader Kim Jong Un on February 27-28 in Vietnam. Illegal immigration was a major topic as expected, "Congress has 10 days left to pass a bill that will fund our government, protect our homeland, and secure our Southern Border," he stated without directly threatening another shutdown. No great surprise, but Trump also maintained that the unfair trade practices of China must end. U.S. stock futures were up slightly going into the address and barely budged during the speech.
/ESH19 Value: YVAH 2736 YPOC 2734 YVAL 2728 GAP 2731.25
/ES Plan: Yesterday market closed leaving a bullish profile (PBT 2749) and overnight continues on that way (GBT 2740), moving within previous value, so we've these options:
A) If market remains above YVAL-HVE 2728 with bullish internals, buy towards ONH 2735 GBT 2740 LVN 2743 and PBT 2749.
B) If market starts to move below 2728 with bearish internals, sell towards ONL 2724.25 GAP 2721 and HVEs 2719-2712.
Today's Economic Calendar
10:30 EIA Petroleum Inventories
01:00 PM 10-Year Note Auction
06:05 PM Fed's Quarles Speech
07:00 PM Jerome Powell Speech
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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Glossary of terms
