Outlook 01/05: U.S. stock futures were largely flat, following the worst start to a year since 2016. Investors are eyeing today's Senate runoff election in Georgia, which will decide if Joe Biden has the ability to pursue his preferred economic policies at the onset of his administration. Both contests are tight and the results may not be immediately known, which could lead to a repeat of the chaotic vote re-counts following the U.S. presidential election in November. More drama will ensue on Wednesday as the House and the Senate formalize Biden's Electoral College win (a group of at least 12 Republican senators are objecting to the certification).
/ESH21 Value: YVAH 3724 YPOC 3691 YVAL 3654 GAP 3691.25
/ES Plan: Yesterday market closed bearish (PBT 3608), but overnight looks more balanced, moving within previous value, so these are the initial balance options for today:
A) If market remains above LIS HVE 3674 with bullish internals, buy towards new GAP 3691.25 HVE 3701 ONH 3705 and HVE 3724.
B) If market moves below LIS HVE 3674 with bearish internals, sell towards HVE 3656-3635-3619 PBT 3608 and HVE 3592.
Note: 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 ISM Manufacturing Index
3:45 PM Fed's Evans Speech
3:45 PM Fed's Williams Speech
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