Outlook 02/24: U.S. stock futures are pointing to a green session at the open after Fed Chair Powell told the Senate Banking Committee that the central bank would keep its foot on the gas pedal as the pandemic recovery path remains "highly uncertain". Powell also played down inflation worries from another big fiscal stimulus package and called the recent run-up in bond yields "a statement of confidence" in a strong economic outlook. Powell's visit to Capitol Hill continues today as he addresses the House of Representatives Financial Services Committee.
/ESH21 Value: YVAH 3863 YPOC 3853 YVAL 3825 GAP 3875.25
/ES Plan: Yesterday market closed balanced, and overnight continues on that way, moving above yesterday's value, so these are the initial balance options for today:
A) If market moves above LIS HVE 3877 with bullish internals, buy towards ONH 3896.50 and HVE 3937.
B) If market remains below LIS HVE 3877 with bearish internals, sell towards ONL 3851.75 HVE 3822.
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 New Home Sales
10:00 Powell Testimony
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
10:30 Fed’s Brainard Speech
11:00 Survey of Business Uncertainty
11:30 2-Year FRN Auction
12:00 PM Fed’s Clarida Speech
1:00 PM 5-Year Note Auction
4:00 PM Fed’s Clarida Speech
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