Outlook 12/02: U.S. stock futures inched down overnight after the market's historic rally extended to December and the SP500 hit a new record high. Sentiment got a boost after a group of lawmakers unveiled a $908B bipartisan stimulus plan, and while Senate Majority Leader Mitch McConnell rejected the proposal, investors are still hopeful for a second stimulus package in the lame-duck period for Congress. It comes after Fed Chair Powell called the economic outlook "extraordinarily uncertain" before Congress. Powell will speak again today at 10am ET.
/ESZ20 Value: YVAH 3669 YPOC 3663 YVAL 3656 GAP 3659.50
/ES Plan: Yesterday market closed bullish, but overnight looks more balanced, moving a few ticks below yesterday's value, so these are the initial balance options for today's opening:
A) If market remains below LIS YVAL-HVE 3656 with bearish internals, sell towards ONL 3642.50 HVE 3639 and GAP 3628.
B) If market moves above LIS YVAL-HVE 3656 with bullish internals, buy towards ONH 3666 YVAH 3669 (
VAR) and PBT 3684.
Note: Market opens below previous value area and if it remains below value, it is a clearly bearish signal. But, if market begins to trade within value with volume increasing, '
value area rule' comes into play.
Market Movers
10:00 Fed's Harker: Economic Outlook
10:00 Powell Testimony
10:30 EIA Petroleum Inventories
1:00 PM Fed's Williams Speech
2:00 PM Fed's Beige Book
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