Outlook 05/23: EU elections, Brexit drama and the usual U.S.-China tensions are rattling U.S. stock index futures, with the SP500 down 0.8%. Market sentiment is shifting to Europe as elections across the EU and the potential rise of populist parties give traders another thing to worry about in a region already shaken up by central bank policies, potential U.S. tariffs and Brexit.
/ESM19 Value: YVAH 2862 YPOC 2858 YVAL 2854 GAP 2856.75
/ES Plan: Yesterday market closed balanced but overnight looks more bearish, moving below yesterday's range, so we've these options:
A) If market remains below LIS HVE 2837 with bearish internals, sell towards ONL 2825.25 and HVEs 2819-2814-2808.
B) If market starts to move above 2837 with bullish internals, buy towards LVN 2843 HVE 2850 GAP 2856 and HVE 2857.
Tips: 3 common mistakes: 1. Trade too early, avoid the initial battle. 2. Use hard tight stops, replace it by exit according to order flow. 3. Move the stop to breakeven, leave price a decent time to accumulate fuel.
Today's Economic Calendar
09:45 PMI Composite Flash
10:00 New Home Sales
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
01:00 PM Fed's Bostic Speech
01:00 PM Fed's Barkin Speech
01:00 PM Fed's Maly Speech
01:00 PM Fed's Kaplan Speech
Questions via @verniman direct message (RTH) or email (After Close).
Glossary of terms
