Outlook 06/14: Apparently reacting to economic data out of China, U.S. stock index futures have turned lower on the final trading day of the week, with SP500 futures down 0.3%, while Broadcom's forecast threw the Nasdaq off by 0.8%. China's industrial output growth slowed to a more than 17-year low of 5% in May, well below expectations, weighing on stocks across the globe as trade pressures pose concerns for the world economy. U.S. data also looms, with traders looking out for upcoming consumer sentiment index for June.
/ESM19 Value: YVAH 2894 YPOC 2889 YVAL 2886 GAP 2894.50
/ES Plan: Yesterday market closed bullish but overnight looks slight bearish, moving within Yesterday's value, so today's options:
A) If market remains below LIS YVAH 2894 with bearish internals, sell towards ONL 2885.75 HVE 2883 and GAP 2881.50
B) If market starts to move above 2894 with bullish internals, buy towards HVE 2900 ONH 2902.75 and HVEs 2907-2918.
Tips: Rollover day. Pace of the Roll now is around 50% so I'll start quoting /ESU19 September contract since NYSE opening bell. Usually rollover days show big divergences between Stocks vs. Futures, so be careful since setups that usually work, may fail completely. Less is more.
Today's Economic Calendar
10:00 Business Inventories
10:00 Consumer Sentiment
01:00 PM Baker-Hughes Rig Count
Questions via @verniman direct message (RTH) or email (After Close).
Glossary of terms
