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probably will break the line, but whether it's for real, will have to wait and see.
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Futures higher with G20 summit, inflation data in focus
By Shreyashi Sanyal
(Reuters) - U.S. equity futures rose on Friday amid growing caution ahead of a crucial meeting between Presidents Donald Trump and Xi Jinping and the release of inflation data that could feed into the Federal Reserve's decision on interest rates next month.
Trump said he hoped for productive talks with the Chinese president on their trade war, but said he had not made any promises about a reprieve from escalating tariffs.
Trump and Xi are set to meet on the sidelines of a Group of 20 summit this weekend in Japan, where the two sides will try to resolve a dispute that has hit global growth.
However, hopes of a deal were muddied by a report on Thursday saying Xi would give Trump a set of conditions to be met by Washington before reaching any settlement. Sentiment was also dampened by a threat that the United States may move ahead with further tariffs on Chinese goods after the weekend summit.
The uncertainty in markets caused by conflicting reports on trade in the build up to the G20 meet stalled a rally in stocks this month, and set the bellwether S&P 500 index .SPX> on pace to post its first weekly loss in June.
Still, hopes that the Fed is ready to counter slowing growth have helped lift the benchmark index to a record high last week.
Charts posted are not recommendations. They are just a sharing of information.
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FT 71 has done this (possible path for the day) over 1,500 times now.
Strong warning from him that it is end of the quarter so OTHER TIME FRAME TRADERSwill be active, especially in the final hour so beware.
As they used to say here in the inter-mountain west Stampede!
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daytradingES wrote:I think the possible paths are so bogus.
I'd rather just follow Cobra
I pay to hear what Cobra has to say. FT71 is a freebee. A couple of days a week he is close and of course the opposite. He does have a Chicago exchange membership and certainly counts as a larger prop trader so having an idea of what he is thinking tells me about a segment of the market. Coolbiz is the same sort of a thing, another large independent longer term (in the business) pro who is sharing their views. Difference is Coolbiz isn't trying to get you to spend hundreds a month on advice and software.
In the end it is all about us trying to figure out (by various methods) which prior levels are important and which are not. Anybody who says statistical forecasting of markets is a pure science is purely full of it.
Speaking of forecasts here it is euro time zone close, the trend has been down, like most days. So by the clock it is time for an up trend which is supported by BullBear (given conditions) and FT71. It seems reasonable to take a third try at 2940 as it is a price with a zero which means an option magnet. Waiting to see if a trend can develop over the next 45 minutes.