Outlook 06/19: U.S. stock futures were higher early Friday following a muted session in which traders grappled with disappointing unemployment data and worried about rising coronavirus cases. Futures gained amid a report by Bloomberg News that China was set to up its purchases of U.S. farm products to comply with phase one trade deal. The report eased concerns about U.S.-China trade relations as the two countries exchange heated rhetoric regarding the coronavirus.
/ESU20 Value: YVAH 3106 YPOC 3099 YVAL 3090 GAP 3098.75
/ES Plan: Yesterday market closed balanced, but overnight looks more bullish (PBT 3150), moving above yesterday's range, so these are the initial balance options for today's opening:
A) If market remains above LIS HVE 3133 with bullish internals, buy towards ONH 3137.50 PBT 3150 and HVE 3160.
B) If market moves below LIS HVE 3133 with bearish internals, sell towards HVE 3116 GAP 3098.75 and ONL 3094.75.
Note: Don't forget that today is quad witching day, which refers to the simultaneous expiration of market index futures, stock futures, market index options and stock options. The event can lead to higher volatility and more trading volume, giving speculators an opportunity for quick arbitrage opportunities.
Market Movers
10:15 Fed's Rosengren Speech
12:00 PM Fed’s Quarles Speech
01:00 PM Jerome Powell Speech
01:00 PM Fed’s Mester Speech
01:00 PM Baker-Hughes Rig Count
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