Powell Day 1

Outlook 02/23: U.S. stock futures point to another weak open for today's session fueled by fears about inflation and rising long-term interest rates. Get ready for Fed Chair Jerome Powell's semiannual monetary policy testimony before Congress, which will take on additional importance this time around as investors size up the recent run-up in bond yields. He's expected to reaffirm his commitment to an ultra-easy monetary policy, as well as the need for more fiscal stimulus, to support the economy as it emerges from the COVID-19 pandemic.

/ESH21 Value: YVAH 3886 YPOC 3877 YVAL 3871 GAP 3875.25

/ES Plan: Yesterday market closed bearish (PBT 3838), andt overnight continues on that way, moving below yesterday's range, so these are the initial balance options for today:

A) If market moves above LIS HVE 3860 with bullish internals, buy towards GAP 3875.25 HVE 3877 and ONH 3896.

B) If market remains below LIS HVE 3860 with bearish internals, sell towards ONL 3840 HVE 3822 PBT 3818.

Note: Market could open the gate for a 'Value Transition' and that means a change on value perception. We've to watch closely if new auction range 3822-3740 is acceptable or rejected.

Market Movers

10:00 Consumer Confidence

10:00 Richmond Fed Mfg.

10:00 PM Powell Testimony

1:00 PM 2-Year Note Auction

1:00 PM Money Supply

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