Outlook 12/13: U.S. stock futures were jumping on optimism generated by a potential phase one China trade deal. The Trump administration has reached a phase one trade deal with China in principle, pending approval from President Donald Trump. The White House has offered to scrap Sunday's upcoming duties and slash some existing tariffs in half. However, Eunice Yoon, CNBC's correspondent in China, reports that she's hearing from a government source there that Chinese leaders are reluctant on the deal because of the firm farm purchase targets. China State Council information office will hold press briefing at 9:30AM ET.
/ESZ19 Value: YVAH 3174 YPOC 3166 YVAL 3156 GAP 3167.50
/ES Plan: Yesterday market closed bullish (PBT 3194) and overnight continues on that way (PBT 3201), moving above yesterday's range, so these're today's options:
A) If market remains above LIS YHOD 3177 with bullish internals, buy towards ONH 3188.25 and PBTs 3194-3201.
B) If market moves below YHOD 3177 with bearish internals, sell towards GAP 3167.50 ONL 3165.75 and HVE 3156.
Note: Rollover Day. Pace of the Roll now is around 50% so I start trading /ESH20. Usually rollover days show big divergences between Stocks vs. Futures, so setups that usually work well, may fail completely.
Today's Economic Calendar
09:30 Beijing Briefing
10:00 Business Inventories
11:00 Fed's Williams Speech
01:00 PM Baker-Hughes Rig Count
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