Outlook 01/22: U.S. stock futures fell early Friday morning as Intel and IBM came under heavy pressure after the quarterly results. President Joe Biden plans to sign two executive orders to provide stopgap financial relief to millions of Americans while lawmakers begin to consider his massive $1.9 trillion Covid stimulus package.
/ESH21 Value: YVAH 3854 YPOC 3851 YVAL 3844 GAP 3845.25
/ES Plan: Yesterday market closed bullish (PBT 3865), but overnight turns bearish (PBT 3790), moving below previous range, so these are the initial balance options for today:
A) If market moves above LIS HVE 3825 with bullish internals, buy towards GAP 3845 and ONH 3849.
B) If market remains below LIS HVE 3825 with bearish internals, sell towards ONL 3813.25 and GAP 3789.
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. Remember that new record high has been printed overnight, so it's still pending to be revisited at regular trading hours.
Market Movers
09:45 PMI Composite Flash
10:00 Existing Home Sales
10:30 EIA Natural Gas Inventory
11:00 EIA Petroleum Inventories
1:00 PM Baker-Hughes Rig Count
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