Outlook 06/17: Worries over the Middle East appeared to put slight pressure on U.S. index futures overnight, but stimulus talk from Mario Draghi has turned markets around. More easy monetary policies from the world’s biggest central banks may be in store as the Fed begins two-day meeting that many expect will clear the way for interest rates cut.
/ESU19 Value: YVAH 2900 YPOC 2898 YVAL 2895 GAP 2896.75
/ES Plan: Yesterday market closed balanced but overnight looks strong bullish (GBT 2936), moving above yesterday's range, so today's options:
A) If market remains above HVE 2912 with bullish internals, buy towards ONH 2916 and HVEs 2918-2924 and GBT-HVE 2936.
B) If market starts to move below 2912 with bearish internals, sell towards HVEs 2908-2900 GAP 2896.75 and ONL 2889.
Tips: Overnight inventory is bullish. The expected action is a counter-auction relative to overnight inventory; failure to see the counter-auction would be an indication of a potential trend day. We're on the expiration week so expect big divergences between Stocks vs. Futures. Be careful since setups that usually work, may fail completely.
Today's Economic Calendar
FOMC meeting begins
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