Outlook 02/25: U.S. stock futures are pointing to a weak open after jobless claims showed sharp drop last week. First-time jobless claims fell to 730,000 for the week ended Feb. 20. That was well below the 845,000 estimated and a sharp decline from the 841,000 the previous week. Continuing claims hit a fresh pandemic-era low just above 4.42 million, the lowest since March 21, 2020, but also still well above anything the labor market had seen prior to the pandemic.
/ESH21 Value: YVAH 3927 YPOC 3920 YVAL 3873 GAP 3926.50
/ES Plan: Yesterday market closed bimodal (LIS 3905), but overnight looks more bearish, moving within yesterday's value, so these are the initial balance options for today:
A) If market moves above LIS 3905 with bullish internals, buy towards YPOC 3920 GAP 3926.50 and HVE 3937.
B) If market moves below LIS 3905 with bearish internals, sell towards HVE 3878 YVAL 3873 and HVE 3861.
Note: Keep in mind that new record high has been printed overnight, so it's still pending to be revisited at regular trading hours.
Market Movers
10:00 Pending Home Sales
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
11:10 Fed's Quarles Speech
12:00 PM Fed's Bostic Speech
1:00 PM 7-Year Note Auction
4:30 PM Fed Balance Sheet
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