Outlook 12/07: U.S. stock futures are are holding their breath before any stimulus bill formal announcement. Now, a bipartisan group of senators is poised to unveil a new $908B stimulus bill as early as today. The plan includes $288B in small business aid, $180B in unemployment benefits, and $160B for cash-strapped local governments. Stimulus appears to be back in the driver's seat that's needed to power the market higher as new coronavirus cases exceeded 200K for a fourth straight day on Saturday and much of California went into lockdown.
/ESZ20 Value: YVAH 3695 YPOC 3690 YVAL 3681 GAP 3691.25
/ES Plan: Last session market closed bullish (PBT 3715), but overnight looks balanced, moving within yesterday's value, so these are the initial balance options for today's opening:
A) If market moves below LIS YPOC 3690 with bearish internals, sell towards YVAL 3681 ONL 3672.25 and GAP 3670.
B) If market moves above LIS 3690 with bullish internals, buy towards YVAH 3695 HVE 3701 ONH-ATH 3705 and PBT 3715.
Note: Market opens within previous value area. Trading from responsive versus initiative is expected, so don't be 'too anxious' to trade early. If we're within value we want to have some patience until market breaks. Remember that new record high has been printed overnight, so it's still pending to be revisited at regular trading hours.
Market Movers
12:30 PM TD Ameritrade IMX
3:00 PM Consumer Credit
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