CPI data

Outlook 12/12: U.S. stock futures rise slightly Tuesday as traders get more tame inflation data ahead of Wednesday Fed decision. The consumer price index rose 3.1% in November year over year and 0.1% month over month. Economists forecast a 3.1% annual increase. Month over month, they expected CPI to remain flat. Excluding food and energy, inflation rose in line with economist expectations. The report also precedes the Federal Reserve’s final monetary policy announcement of the year, which is due Wednesday. 

/ESH24 (MAR 2024): YVAH 4672 YPOC 4662 YVAL 4654 GAP 4676.75

/ES Plan: Last session market closed bullish, but overnight, after CPI data, looks balanced, moving above previous value, so these're the opening and initial balance options for today:

A) If market remains above HVE-YVAH 4672 with bullish internals, buy towards YHOD 4680 ONH 4696 and PBT 4705.

B) If market moves below HVE-YVAH 4672 with bearish internals, sell towards YVAL 4634 HVE 4634 and HVE 4606.

Note: If market opens above value and if it begins to trade within value, VAR comes into play. We're into rollover week and usually rollover days show big divergences between Stocks vs. Futures, so setups that usually work well, may fail completely. I'm quoting /ESH24 as volume March 2024 contract is greater than December ESZ23 contract. 

Market Movers

10:00 Quarterly Services Report

1:00 PM 30-Year Bond Auction

2:00 PM Treasury Statement 

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