Outlook 12/05: U.S. futures were pointing to higher open for a second day of gains. Traders are closely monitoring the prospect of a Phase One trade deal with just 10 days to go before Washington is poised to impose another $156B of tariffs on Chinese goods. China's official spokespeople are keeping quiet on trade talks with the U.S. amid growing uncertainty on when even a phase-one agreement can be reached.
/ESZ19 Value: YVAH 3120 YPOC 3115 YVAL 3106 GAP 3111.75
/ES Plan: Yesterday market closed bullish (PBT 3147) and overnight continues on that way, moving around yesterday's value area high, so today's options:
A) If market moves above LIS HVE-YVAH 3120 with bullish internals, buy towards ONH 3124.75 HVE 3133 PBT 3147 and ATH 3158.
B) If market moves below LIS HVE-YVAH 3120 with bearish internals, sell towards GAP 3111.75 ONL 3107.25 and HVEs 3097-3090.
Tips: Remember that new highs printed during ETH sessions should be revisited at NYSE regular trading hours (RTH).
Today's Economic Calendar
10:00 Factory Orders
10:00 Randal Quarles Speech
10:30 EIA Natural Gas Inventory
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
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