Outlook 06/26: SP500 futures are neutral, as U.S. Treasury Secretary Steven Mnuchin said that the trade deal between the United States and China is "about 90%" complete. It followed a series of Fed comments on Tuesday that trimmed hopes of a big July rate cut and weighed down the Wall Street benchmarks. President Trump is talking right now at @FOXBusiness and said that China wants to make a trade deal more than the US. But if there's no deal, U.S. will place additional tariffs on chinese products around 10% not 25%. President Trump also said 'plan B' is to reduce business with China.
/ESU19 Value: YVAH 2952 YPOC 2939 YVAL 2920 GAP 2922.25
/ES Plan: Yesterday market closed balanced but overnight looks more bimodal (LIS 2930), moving within Yesterday's value, so these're the options:
A) If market moves above LIS YVAL 2930 with bullish internals, buy towards ONH 2939 HVE 2943-2948 and GAP 2952.
B) If market moves below LIS YVAL 2930 with bearish internals, sell towards HVE 2924 ONL 2917.50 and HVE 2908.
Tips: If you use a hard fixed stop, try to use market profile to identify market structure and place the stop near someplace that would violate that structure. I believe that's the best way to control risk. The worst stop you can use is just a money stop because it's random.
Today's Economic Calendar
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
01:00 PM 5-Year Note Auction
Questions via @verniman direct message (RTH) or email (After Close).
Glossary of terms
