Outlook 06/06: U.S. stock index futures are modestly higher after booking their second-largest two-day gain of the year on hopes of a near-term rate move from the Federal Reserve. The move upward follows the latest trade war comments from President Trump. "Our talks with China, a lot of interesting things are happening. I could go up another at least $300B, but I think China wants to make a deal." "Progress is being made" in talks with Mexico, according to President Trump, but "not nearly enough!" Discussions will continue today, but "unless an agreement is reached a 5% tariff on Mexican goods would begin on Monday."
/ESM19 Value: YVAH 2825 YPOC 2815 YVAL 2808 GAP 2827.50
/ES Plan: Yesterday market closed bullish and overnight looks slight higher (GBT 2857), moving above Yesterday's range, so today's options:
A) If market remains above LIS HVE 2825 with bullish internals, buy towards ONH 2838 LVN 2843 and HVE 2857.
B) If market starts to move below 2825 with bearish internals, sell towards ONL 2813 YVAL 2808 and LVN 2800.
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 short-term bullish strength.
Today's Economic Calendar
10:00 Quarterly Services Report
10:30 EIA Natural Gas Inventory
01:00 PM Fed's Williams Speech
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
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Glossary of terms
