Outlook 06/20: As the Fed spreads its dovish wings, the yield on the benchmark 10-year Treasury dropped below 2% overnight for the first time since November 2016. The FOMC left interest rates unchanged at its monetary policy meeting on Wednesday, dropped the word "patient" from its statement and said it would "act as appropriate" to sustain the economy. The news is also boosting U.S. stock futures premarket, with the SP500 indicating gains of 27 points at the open and the Fed Funds Futures pointing to a 100% chance of monetary policy easing in July.
/ESU19 Value: YVAH 2931 YPOC 2923 YVAL 2921 GAP 2933.25
/ES Plan: Yesterday market closed bullish and overnight looks more bullish printing new all time high (ATH) with a multimodal profile, so today's options:
A) If market remains above ON-VAH 2959 with bullish internals, buy towards ONH-ATH 2964.50 and PBTs 2974-2985.
B) If market starts to move below 2959 with bearish internals, sell towards HVEs 2947-2943-2936 and GAP 2833.25
Tips: Overnight inventory is bullish leaving new All Time High (ATH). Remember that new highs printed overnight should be revisited at RTH.
Today's Economic Calendar
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
Questions via @verniman direct message (RTH) or email (After Close).
Glossary of terms
