Outlook 06/05: Futures are now pointing to opening gains in the U.S. President Trump may finally get the rate cut he has been demanding as top Fed officials began warning this week that the global trade war may force them to respond. Chair Jerome Powell made a subtle move in that direction on Tuesday, dropping his standard reference to the Fed being "patient," and said it is prepared to "act as appropriate to sustain the expansion" amid intensifying trade tensions.
/ESM19 Value: YVAH 2805 YPOC 2795 YVAL 2770 GAP 2805.25
/ES Plan: Yesterday market closed bullish (PBT 2846) but overnight looks bimodal (LIS 2815), moving above Yesterday's range, so today's options:
A) If market remains below LIS HVE 2815 with bearish internals, sell towards ONL-YHOD 2806 GAP 2805.25 and LVN 2800.
B) If market starts to move above LIS 2815 with bullish internals, buy towards ONH-HVE 2825 VPOC 2832 and PBT 2846.
Tips: Yesterday closed leaving a bullish imbalance and that's an anomaly. When we see an area of the profile or a specific anomaly that doesn’t contribute to the symmetry of the profile, we can call it an imbalanced market and that lack of symmetry have higher odds of being repaired.
Today's Economic Calendar
09:45 Fed’s Clarida Speech
09:45 Fed's Bostic Speech
09:45 PMI Services Index
10:00 ISM Non-Manufacturing Index
10:00 Fed’s Bowman Speech
10:30 EIA Petroleum Inventories
01:15 PM Fed's Rosengren Speech
02:00 PM Fed's Beige Book
Questions via @verniman direct message (RTH) or email (After Close).
Glossary of terms
