Outlook 05/08: U.S. markets try to stabilize as Chinese trade negotiators travel to Washington for high-level talks on Thursday and Friday. That leaves at least one more day for markets to contemplate how the talks will turn out and whether the cracks showing in the stock rally are real. It's also possible the rout sparked by President Trump's tariff threats won't be bad enough to force a rethink, giving him a green light to impose the new levies.
/ESM19 Value: YVAH 2903 YPOC 2891 YVAL 2873 GAP 2890.75
/ES Plan: Yesterday market closed bearish but overnight tries to get balance within yesterday's value, so we've these options:
A) If market remains below LIS HVE 2883 with bearish internals, sell towards ONL 2868.75 LVNs 2867-2864 and HVEs 2857-2850-2846-2842.
B) If market starts to move above 2883 with bullish internals, buy towards GAP-YPOC 2891 ONH-HVE 2900 and HVEs 2907-2913-2918-2924.
Quotes: “Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent.” Calvin Coolidge
Today's Economic Calendar
10:30 EIA Petroleum Inventories
1:00 PM 10-Year Note Auction
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
Questions via @verniman direct message (RTH) or email (After Close).
Glossary of terms
