Outlook 05/24: U.S. Futures markets point to open higher as President Trump signaled a trade deal with China could lift tough restrictions on "dangerous" Huawei and predicted a swift end to the ongoing tensions. The time is up for Theresa May as the U.K. prime minister announced she will resign on June 7, while the process for electing a new leader will begin next week. "It is and will always remain a matter of deep regret to me that I have not been able to deliver Brexit," she declared, adding that it will be for her "successor to seek a way forward that honors the result of the Brexit referendum."
/ESM19 Value: YVAH 2825 YPOC 2821 YVAL 2808 GAP 2818.75
/ES Plan: Yesterday market closed bearish (PBT 2785) but overnight looks more bullish, moving above yesterday's value, so options are:
A) If market remains above LIS LVN YVAH 2825 with bullish internals, buy towards HVE 2837 ONH 2839.50 LVN 2843 and HVEs 2850-2857.
B) If market starts to move below 2825 with bearish internals, sell towards ONL-HVE-GAP 2819 HVEs 2814-2808-2802-2796 and PBT 2785.
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
1:00 PM Baker-Hughes Rig Count
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