Outlook 12/30: U.S. stock futures are hugging the flat line ahead of the final two trading days of 2019, but the major averages are all at or near milestones. The SP500 is just 0.35% away from posting its best annual gain since 1997. Today marks day four of the so-called Santa Claus rally period, which is typically seen as giving a boost to stocks. Since 1950, the SP500 has rallied an average of 1.3% during the final five trading days of the year and the first two sessions of the new year
/ESH20 Value: YVAH 3247 YPOC 3243 YVAL 3239 GAP 3237.25
/ES Plan: Last session market closed bearish (PBT 3232) but overnight looks more balanced, still moving within Friday's value, so these're the options for today's regular trading session:
A) If market remains below YPOC 3243 with bearish internals, sell towards GAP 3237.25 ONL 3236.50 and PBT 3232.
B) If market moves above YPOC 3243 with bullish internals, buy towards ONH 3244.25 YVAH 3247 and ATH (ETH) 3254.
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
09:45 Chicago PMI
10:00 Pending Home Sales
10:30 Dallas Fed Manufacturing Survey
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