Outlook 03/11: U.S. stock futures are mostly higher, after Congress gave final approval to one of the largest economic stimulus measures in American history. Biden said he'd announce the "next phase" of the U.S. COVID-19 response this evening as the administration turns its focus to a multi-trillion dollar infrastructure package.
/ESH21 Value: YVAH 3908 YPOC 3900 YVAL 3893 GAP 3905.50
/ES Plan: Last session market closed bullish (PBT 3943), and overnight continues on that way, moving above yesterday's value, so these are the initial balance options for today:
A) If market remains above LIS HVE 3913 with bullish internals, buy towards ONH 3929 HVE 3937 PBT 3943 and ATH 3959.25
B) If market moves below LIS HVE 3913 with bearish internals, sell towards ONL-YVAL 3893 HVE 3878 and GAP 3870.50.
Note1: Market opens above previous value area and if it remains above value, it is a clearly bullish signal. But, if market begins to trade within value with volume increasing, 'value area rule' comes into play. Remember that new record high has been printed overnight, so it's still pending to be revisited at regular trading hours.
Note2: Rollover begins. Pace of the Roll is around 30%. I'm still quoting /ESH21 until new /ESM21 increases to equal volume of March, probably tomorrow. Usually rollover days show big divergences between Stocks vs. Futures, so setups that usually work, may fail completely.
Market Movers
10:00 Job Openings and Labor Turnover Survey
10:30 EIA Natural Gas Inventory
1:00 PM 30-Year Note Auction
4:30 PM Fed Balance Sheet
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