Outlook 12/01: U.S. stock futures pointed to a strong gain at Tuesday's open, setting up to start December with a strong rally. Federal Reserve Chairman Jerome Powell will emphasize the importance of lending programs deployed by the central bank during the pandemic, according testimony he's set to deliver to the Senate Banking Committee on Tuesday morning. Treasury Secretary Steven Mnuchin, who will join Powell, has said that the legislation that enabled the programs does not permit them to run past Dec. 31.
/ESZ20 Value: YVAH 3625 YPOC 3612 YVAL 3606 GAP 3628.75
/ES Plan: Yesterday market closed bullish, and overnight continues on that way, moving above yesterday's range, so these are the initial balance options for today's opening:
A) If market remains above LIS HVE 3656 with bullish internals, buy towards ONH 3664.50 ATH 3668 and PBT 3684.
B) If market moves below LIS HVE 3656 with bearish internals, sell towards HVE 3639 GAP 3628.75 and ONL 3626.
Note: Remember that record high has been printed overnight, so it's still pending to be revisited at regular trading hours.
Market Movers
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
10:00 Powell Testimony
11:00 Fed's Brainard Speech
1:15 PM Fed's Daly Speech
3:00 PM Fed's Evans Speech
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