Outlook 01/07: U.S. stock index futures indicated a lower open on Tuesday as U.S. trade deficit falls more than expected to hit lowest level since Trump took office. In addition to representing the low point of the Trump administration, the numbers also provide further indication that fears of a weak fourth quarter for GDP were probably overblown. Where economists had once projected little if any growth to close the year, consensus is now for at least 2%.
/ESH20 Value: YVAH 3238 YPOC 3233 YVAL 3213 GAP 3243.75
/ES Plan: Yesterday market closed bullish, but overnight looks more bearish, moving a few ticks above yesterday's value, so these're the options for today's regular trading session:
A) If market remains above LIS YVAH 3238 with bullish internals, buy towards GAP 3243.75 HVE-ONH 3254 and ATH 3263.50.
B) If market moves below LIS YVAH 3238 with bearish internals, sell towards HVEs 3230-3222 PBT 3200 and HVEs 3206-3189.
Note: Remember that record highs has been printed overnight, so it's still pending to be revisited at regular trading hours.
Today's Economic Calendar
10:00 Factory Orders
10:00 ISM Non-Manufacturing Index
01:00 PM Results of $38B, 3-Year Note Auction
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