Earnings Season

Outlook 01/15: U.S. stock futures pointed to a lower open, as investors assess the implications of President-elect Joe Biden's $1.9 trillion coronavirus relief plan ahead of a three-day holiday weekend. Retail sales for December fell 0.7% compared to flat expectations. Producer prices for December increased 0.3%, slightly less than expected. Banks are set to formally kick off the Q4 earnings season this morning, including results from JPMorgan Chase, Citigroup and Wells Fargo.

/ESH21 Value: YVAH 3816 YPOC 3810 YVAL 3804 GAP 3792.25

/ES Plan: Yesterday market closed bearish, and overnight continues on that way, movingbelow previous range, so these are the initial balance options for today:

A) If market moves above LIS 3778 with bullish internals, buy towards GAP 3792.25 ONH 3797.75 YPOC 3810 and GAP 3823.

B) If market moves below LIS 3778 with bearish internals, sell towards ONL 3765.25 HVEs 3764-3724 and GAP 3745.

Note: Overnight inventory is 100% bearish. The expected action is a counter-auction relative to overnight inventory; failure to see the counter-auction would be an indication of a potential trend day.

Market Movers

10:00 Business Inventories

10:00 Consumer Sentiment

11:30 Fed's Kashkari Speech

1:00 PM Baker-Hughes Rig Count

Questions via @verniman direct message (RTH) or email (After Close).

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