Record Highs

Outlook 12/29: U.S. stock futures are pointing to bullish open after the signing of a COVID relief bill that lifted reopening plays like cruise lines, airlines and casinos. The U.S. House of Representatives just passed a bill called the CASH Act of 2020 that would increase the amount of second stimulus checks from $600 to $2,000 after a call from President Trump to increase the payments. That puts him and Congressional Democrats on the same side of an issue, though it remains to be seen if Republicans in the Senate will follow suit. Strange times indeed.

/ESH21 Value: YVAH 3732 YPOC 3727 YVAL 3721 GAP 3729.50

/ES Plan: Last session market closed bullish, and overnight has printed a new record high, so these are the initial balance options for today:

A) If market remains above LIS 3740 with bullish internals, buy towards new ATH-ON 3747.75 and PBTs 3760-3777.

B) If market moves below LIS 3740 with bearish internals, sell towards YVAH 3732 GAP-ONL 3729 and YVAL 3721.

Note: Remember that new record high has been printed overnight, so it's still pending to be revisited at regular trading hours. 

Market Movers

9:00 S&P Corelogic Case-Shiller Home Price Index

1:00 PM 7-Year Note Auction

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