Outlook 06/13: The oil price surge has given a boost to U.S. stock index futures, which were in the red overnight before attacks on two tankers off the coast of Iran. SP500 futures point to open higher. Also boosting sentiment: President Trump declined to set a deadline on levying new tariffs on another $325B, while data yesterday showed the inflation was weaker than expected, boosting chances of a Fed rate cut.
/ESM19 Value: YVAH 2883 YPOC 2881 YVAL 2878 GAP 2881.50
/ES Plan: Yesterday market closed bearish but overnight still looks more bullish (GBT 2912), moving above Yesterday's value, so today's options:
A) If market remains above HVE 2888 with bullish internals, buy towards ONH 2894.50 and HVEs 2900-2907-2918.
B) If market starts to move below 2888 with bearish internals, sell towards HVE 2873 ONL 2867 and HVE 2857.
Tips: Rollover starts. Pace of the Roll now is around 20%. I'm still quoting /ESM19 until September /ESU19 increases to equal volume of June. Usually rollover days show big divergences between Stocks vs. Futures, so be careful since setups that usually work well, may fail completely.
Today's Economic Calendar
10:30 EIA Natural Gas Inventory
01:00 PM 30-Year Note Auction
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
Questions via @verniman direct message (RTH) or email (After Close).
Glossary of terms
