Outlook 12/09: U.S. stock futures are inching up again after closing at record highs, given the hopes over a vaccine rollout and stimulus efforts in Washington. Late Tuesday, Treasury Secretary Stephen Mnuchin offered a $916B package to House Speaker Nancy Pelosi that adds a $600 direct payment for most Americans, opening yet another front in the multi-track effort to reach a coronavirus aid agreement. On today's economic and earnings calendar, the U.S. Labor Department will release its monthly Job Openings and Labor Turnover Survey, or JOLTS.
/ESZ20 Value: YVAH 3707 YPOC 3701 YVAL 3682 GAP 3701.25
/ES Plan: Yesterday market closed bullish (PBT 3738), but overnight looks more balanced, moving a few ticks above yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS YVAH 3707 with bullish internals, buy towards ATH-ONH 3714.75 and PBT 3738.
B) If market moves below LIS 3707 with bearish internals, sell towards GAP-HVE 3701 and YVAL 3682 (VAR).
Note: Market opens above previous value area and if it remains above value, it is a clearly bullish signal. But, if market begins to trade within value with volume increasing, '
value area rule' comes into play. Remember that new record high has been printed overnight, so it's still pending to be revisited at regular trading hours.
Market Movers
10:00 Job Openings and Labor Turnover Survey
10:00 Wholesale Inventories (Preliminary)
10:30 EIA Petroleum Inventories
1:00 PM 10-Year Note Auction
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