Outlook 02/12: U.S. stock futures dipped slightly overnight, but the major averages are still on track to post a positive week at record levels. A strong rally has taken hold of the market since the beginning of February, before traders take off for Presidents' Day on Monday. On today's economic calendar, the University of Michigan issues its preliminary February data on consumer sentiment at 10am ET. Economists expect the index to rise to 80.8 from the 79 reading registered at the end of January.
/ESH21 Value: YVAH 3918 YPOC 3910 YVAL 3900 GAP 3909
/ES Plan: Last session market closed bullish (PBT 3935), but overnight looks balanced, moving within previous value, so these are the initial balance options for today:
A) If market moves above LIS YVAL 3900 with bullish internals, buy towards GAP 3909 ONH 3914 ATH 3928.50 and PBT 3935.
B) If market moves below LIS YVAL 3900 with bearish internals, sell towards ONL 3890.25 HVE 3877 and GAP 3867.
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 Fed's Williams Speech
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
3:00 PM Fed's Daly Speech
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