Outlook 03/07: U.S. stock index futures are in a bounce trend just after today's European Central Bank meeting. A report on consumer credit is due out later today from the Federal Reserve. Economists expected the report to show a monthly change of $17.3B after steady growth of $16.6B was recorded in December. Markets will be closely watching the level of revolving credit change for the month after recent data from the Fed indicated that credit card debt is rising too fast.
/ESH19 Value: YVAH 2781 YPOC 2775 YVAL 2770 GAP 2771.25
/ES Plan: Yesterday market closed bearish (PBT 2754) but overnight now shows some bounce, moving a few ticks above previous range, so we've these options:
A) If market remains above LIS YLOD-HVE 2769 with bullish internals, buy towards GAP 2771.25 ONH 2776.25 HVEs 2775-2784-2789-2796.
B) If market starts to move below LIS 2769 with bearish internals, be a seller towards HVE 2764 ONL 2761.50 HVE 2758 and PBT 2754.
Today's Economic Calendar
10:30 EIA Natural Gas Inventory
12:15 PM Fed's Brainard speech
03:00 PM Consumer Credit
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
