Inauguration Day

Outlook 01/20: U.S. stock futures are again in the green this morning ahead of the inauguration of Joe Biden as the nation's 46th president. Biden takes the oath of office at noon ET, taking the helm of a deeply divided nation and inheriting a confluence of crises. Biden plans to sign more than a dozen executive orders to address a litany of challenges. The first will require Covid masks and physical distancing in all federal buildings, on all federal lands and by federal employees and contractors.

/ESH21 Value: YVAH 3796 YPOC 3792 YVAL 3782 GAP 3789

/ES Plan: Yesterday market closed bullish (PBT 3846), and overnight continues on that way, moving above previous range, so these are the initial balance options for today:

A) If market remains above LIS 3803 with bullish internals, buy towards GAP 3823 and PBT 3846.

B) If market moves below LIS 3803 with bearish internals, sell towards GAP 3789 and YVAL 3782.

Note: Overnight inventory is 100% bullish. 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 NAHB Housing Market Index

1:00 PM 20-Year Bond Auction

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