Outlook 01/29: U.S. stock index futures rose this morning as markets continue to rebound from Monday’s heavy sell-off. Traders will be closely watching the U.S. Federal Reserve announcement. The main interest rate is widely expected to hold steady in the 1.50% to 1.75% range, but the market will likely be attuned late to Fed Chair Powell’s speech, particularly any comments about the Fed’s repo program or the potential economic impact of the coronavirus outbreak.
/ESH20 Value: YVAH 3285 YPOC 3276 YVAL 3259 GAP 3277.25
/ES Plan: Last session market closed bullish (PBT 3312) and overnight continues on that way (PBT 3300), moving aboven yesterday's value, so these're the options for today's regular trading session:
A) If market remains above LIS YVAH 3285 with bullish internals, buy towards HVE 3288 ONH 3291.75 GAP 3293.25 and PBT 3300.
B) If market moves below LIS YVAH 3285 with bearish internals, sell towards HVE 3280 GAP 3277.25 ONL 3273 and HVEs 3265-54.
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 Pending Home Sales
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
11:00 Survey of Business Uncertainty
02:00 PM FOMC Announcement
02:30 PM Powell Press Conference
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