Outlook 12/23: U.S. stock futures are starting a holiday-shortened week ahead by 0.2% on the back of easing geopolitical risks and China's plans to cut import tariffs for its trading partners. While the tariff reduction is not directly linked to the American trade war, it will likely guarantee that the coming Phase One trade deal with the U.S. doesn't invite complaints from other trading partners.
/ESH20 Value: YVAH 3227 YPOC 3226 YVAL 3221 GAP 3225.25
/ES Plan: Last session market closed bullish (PBT 3245) and overnight action continues in that way, moving above Friday's range, so these're the options for the initial balance of today's session:
A) If market remains above LIS YHOD 3229.50 with bullish internals, buy towards ONH 3234.25 and PBT 3245.
B) If market moves below LIS YHOD 3229.50 with bearish internals, sell towards GAP-ONL 3225 and YVAL 3221.
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 AM New Home Sales
11:00 Survey of Business Uncertainty
01:00 PM 2-Year Note Auction
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