Outlook 09/12: U.S. stock index futures are slightly in the green after President Trump offered a "goodwill gesture" to China, which will delay increased tariffs (25% to 30%) on $250B worth of goods by two weeks until Oct. 15. Trump said the postponement came "at the request of the Vice Premier of China, Liu He, and due to the fact that the People's Republic of China will be celebrating their 70th Anniversary. Caution is still in the air. While such de-escalation in tensions between the two countries is welcomed, it's still difficult to see both sides reaching any "real resolution" anytime soon.
/ESU19 Value: YVAH 2994 YPOC 2987 YVAL 2975 GAP 3002.25
/ES Plan: Yesterday market closed bullish and overnight continues on that way, moving above yesterday's range, so today's options:
A) If market remains above LIS HVE 3006 with bullish internals, buy towards ONH 3020 GAP 3022 and ATH 3029.50.
B) If market moves below LIS HVE 3006 with bearish internals, sell towards GAP 3002.25 ONL 3001.50 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 25%. I start to quote /ESZ19 due to volume from /ESZ19 contract becomes equal or greater than /ESU19 contract.
Today's Economic Calendar
10:30 EIA Natural Gas Inventory
01:00 PM 30-Year Note Auction
02:00 PM Treasury Budget
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
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