Outlook 09/13: The rally continues with stock index futures ahead by 0.2%. Leading the rise is a new round of bond-buying at the ECB, positive developments on the U.S.-China trade front and a tame inflation reading yesterday morning that cleared the way for a Fed rate cut next week. U.S. Treasury bond yields are also extending their seemingly relentless advance, topping the 1.8% mark in early European trading to reach their highest level since late July.
/ESU19 Value: YVAH 3018 YPOC 3013 YVAL 3008 GAP 3011.25
/ES Plan: Yesterday market closed balanced but overnight looks slightly bullish, moving above yesterday's value, so today's options:
A) If market remains above LIS HVE 3018 with bullish internals, buy towards ONH 3025.75 ATH 3029.50 and PBT 3042.
B) If market moves below LIS 3018 with bearish internals, sell towards ONL-GAP 3012-3011.25 HVE 3006 and HVE 2988.
Note: We're into the rollover week, so volume from September contract starts to dries up towards December contract. The pace of the roll, right now, is around 48%. Today, I start to trade /ESZ19 after NYSE opening.
Today's Economic Calendar
10:00 Business Inventories
10:00 Consumer Sentiment
01:00 PM Baker-Hughes Rig Count
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