Outlook 12/11: U.S. stock index futures are still in a waiting mode as investors guess whether the U.S. and China will announce some form of trade deal before Sunday. Eyes are also on the Fed's last policy meeting of 2019. It's not expected to make significant changes in its statement from its previous meeting. It will, however, release its interest rate forecast and latest economic projections at the same time, and it could show some improvement after November's increase in payrolls.
/ESZ19 Value: YVAH 3139 YPOC 3137 YVAL 3131 GAP 3136.25
/ES Plan: Yesterday market closed bullish (PBT 3158) but overnight looks more balanced, moving within yesterday's range, so:
A) If market remains above LIS YVAH 3139 with bullish internals, buy towards ONH 3143.50 HVE 3150 and ATH 3158.
B) If market moves below LIS YVAH 3139 with bearish internals, sell towards HVE 3133 ONL 3129.50 and HVE 3116.
Note: FOMC day. It’s best to treat FOMC days as two separate sessions. The time before the announcement, which tends to involve a tightening price range and lower activity. Trade setups that work well in the AM, may fail completely in the afternoon, resulting in significant losses. If you've a winner morning, I suggest to avoid FOMC 'cowboy' session.
Today's Economic Calendar
10:00 Quarterly Services Report
10:00 Atlanta Fed's Business Inflation Expectations
10:30 EIA Petroleum Inventories
02:00 PM FOMC Announcement
02:00 PM Treasury Budget
02:30 PM Chairman Press Conference
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