Outlook 11/16: U.S. stock futures jumped Monday after Moderna said preliminary trial data showed its coronavirus vaccine was more than 94% effective. The promising announcement makes the Massachusetts-based biotech firm the second drugmaker to say it has a potentially effective vaccine. Similar trial results last week from Pfizer and BioNTech drove investors into underperforming names dependent on a vaccine reopening the economy. The companies said at the time that their candidate was more than 90% effective in preventing Covid-19 among participants.
/ESZ20 Value: YVAH 3576 POC 3558 YVAL 3552 GAP 3581.25
/ES Plan: Last session market closed bullish, and overnight continues on that way, moving above Friday's range, so these are the initial balance options for today's opening:
A) If market remains above LIS ON-POC 3610 with bullish internals, buy towards ONH 3637 and ATH 3668.
B) If market moves below LIS 3610 with bearish internals, sell towards HVE 3589 ONL 3586.50 and GAP 3581.25.
Note: Overnight inventory is 100% bullish. The expected action is a counter-auction relative to overnight inventory; failure to see the counter-auction would be an indication of a potential trend day. Remember that record high has been printed overnight, so it's still pending to be revisited at regular trading hours.
Market Movers
1:45 PM Fed's Daly Speech
2:00 PM Fed's Clarida Speech
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