Outlook 03/23: U.S. stock futures point to neutral open, one year after the bull market from the pandemic lows began. Today marks the one-year anniversary of the market’s bottom as the coronavirus pandemic sent stocks tumbling 30% at the fastest pace on record. Since the low on March 23, the SP500 has advanced more than 75%. Today, Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen will make their first joint appearance before the U.S. House Committee on Financial Services. The discussion will center on the oversight of the Treasury’s and Federal Reserve’s pandemic response.
/ESM21: YVAH 3944 YPOC 3930 YVAL 3914 GAP 3932.50
/ES Plan: Yesterday market closed bullish (PBT 3974), but overnight looks more balanced, moving within yesterday's value, so these are the initial balance options for today:
A) If market moves above LIS 3914 with bullish internals, buy towards GAP 3932 ONH 3938.75 and YVAH 3944.
B) If market moves below LIS 3914 with bearish internals, sell towards ONL 3908.25 GAPs 3896-3870 and HVE 3862.
Note: Market opens within previous value area. Trading from responsive versus initiative is expected, so don't be 'too anxious' to trade early.
Market Movers
10:00 New Home Sales
10:00 Richmond Fed Mfg.
10:10 Fed's Bostic Speech
11:00 Fed's Barkin Speech
12:00 PM Powell's Testimony
1:00 PM 2-Year Note Auction
1:00 PM Money Supply
1:25 PM Fed's Brainard Speech
2:45 PM Fed's Williams Speech
3:45 PM Fed's Brainard Speech
4:20 PM Fed's Bullard Speech
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