Outlook 12/12: U.S. stock index futures are still on erratic mode as investors guess whether the U.S. and China will announce some form of trade deal before Sunday. President Trump also meets his senior trade team in Washington today about planned Dec. 15 tariffs on nearly $160B in Chinese imports. Many had already expected a Phase One trade deal, but the question now appears to be whether Washington will delay the duties or let them take effect.
/ESZ19 Value: YVAH 3143 YPOC 3141 YVAL 3136 GAP 3143.25
/ES Plan: Yesterday market closed bullish (PBT 3151) but overnight looks slight bearish after Producer Price Index (PPI) Report, still moving within yesterday's value, so:
A) If market remains below LIS YVAH 3143 with bearish internals, sell towards ONL 3137.25 and HVE 3133.
B) If market moves above LIS YVAH 3143 with bullish internals, buy towards HVE-ONH 3151 and ATH 3158.
Note: Rollover starts. Pace of the Roll now is around 30%. I'm still quoting /ESZ19 until new /ESH20 increases to equal volume of December. Usually rollover days show big divergences between Stocks vs. Futures, so setups that usually work well, may fail completely.
Today's Economic Calendar
10:30 EIA Natural Gas Inventory
01:00 PM 30-Year Note Auction
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
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