Outlook 01/07: U.S. stock futures remain steady after Congress confirmed the election of Joe Biden as president. Gains were muted following a sizable rally on Wednesday. markets were seemingly unaffected by the chaos in Washington caused by pro-Trump rioters at the U.S. Capitol. Lawmakers had just started the procedural process of counting the Electoral College votes and formally declaring President-elect Joe Biden the winner, when protesters stormed the chamber.
/ESH21 Value: YVAH 3774 YPOC 3745 YVAL 3731 GAP 3745.25
/ES Plan: Yesterday market closed bullish (PBT 3802), but overnight looks more balanced, moving within previous value, so these are the initial balance options for today:
A) If market moves above LIS HVE 3754 with bullish internals, buy towards ONH 3773.25 and PBTs 3777-3802
B) If market moves below LIS 3754 with bearish internals, sell towards GAP 3745.25 ONL 3742 and HVEs 3724-3700.
Note: Usually, market needs an excess high to call an end of the bullish auction. Lack of excess is created by nervous longs who continually sell their positions on each test of current high of day. An auction should have a "proper" end, with a shout and not a whisper.
Market Movers
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10:30 EIA Natural Gas Inventory
12:00 PM Fed's Bullard Speech
1:00 PM Fed's Evans Speech
3:00 PM Fed's Daly Speech
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
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