Outlook 12/24: U.S. stock futures are slightly in the green to commence the Santa Claus rally, which is the tendency for stocks to rise over the last five trading sessions of December and the first two trading sessions of January. Markets are looking to celebrate a different Christmas Eve than the one last year, easing trade tensions, as well as rate cuts in recent months, saw the SP500 hit another record on Monday, looking to build on those gains during today's holiday-shortened session.
/ESH20 Value: YVAH 3230 YPOC 3228 YVAL 3226 GAP 3225.25
/ES Plan: Last session market closed bearish (PBT 3222) but overnight looks more balanced, moving inside yesterday's value, so today options:
A) If market remains below LIS HVE 3230 with bearish internals, sell towards GAP 3227 and PBT 3222.
B) If market moves above LIS HVE 3230 with bullish internals, buy towards ATH 3234.25 and PBT 3245.
Note: Remember that new record high printed during ETH session should be revisited at RTH session. Market needs an excess high to call an end to the current bullish auction. "Santa Claus Rally" is still into play.
Today's Economic Calendar
10:00 Richmond Fed Mfg.
10:00 5-Year Note Auction
NYSE closes at 1:00 PM
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