Outlook 02/02: U.S. stock futures were solidly higher early Tuesday, building on a strong rally in the previous session as concerns about a speculative retail trading frenzy eased. Investors will be following stimulus negotiations in Washington, where congressional Republicans made a counteroffer to President Joe Biden’s $1.9 trillion stimulus plan on Sunday. New catalysts appear to be on the horizon as the last of the FAANGs report earnings after today's closing bell.
/ESH21 Value: YVAH 3765 YPOC 3736 YVAL 3715 GAP 3757
/ES Plan: Yesterday market closed bullish (PBT 3877), and overnight continues on that way, moving above previous value, so these are the initial balance options for today:
A) If market remains above LIS 3792 with bullish internals, buy towards ONH 3804 HVE 3825 GAP 3851 and PBT 3877.
B) If market moves below LIS 3792 with bearish internals, sell towards YVAH 3765 ONL 3760 GAP 3757 and YPOC 3736.
Note: Overnight inventory is 100% bullish. 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.
Market Movers
1:00 PM Fed's Kaplan Speech
2:00 PM Fed's Mester Speech
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