Outlook 03/25: U.S. stock futures are still weak after Fed Chairman Jerome Powell said the economy has recovered more quickly than expected, thanks largely to stimulus and vaccines. That will allow the central bank at some point to roll back some of its help, though he said that will happen “very gradually … and with great transparency.”
/ESM21: YVAH 3927 YPOC 3917 YVAL 3904 GAP 3882.25
/ES Plan: Yesterday market closed bearish, and 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 3862 with bullish internals, buy towards GAP 3882 and YVAL 3904.
B) If market moves below LIS 3862 with bearish internals, sell towards GAP 3829 and HVE 3822.
Note: Overnight inventory is 100% bearish. 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
10:10 Fed's Clarida Speech
10:30 Fed's Williams Speech
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
12:00 PM Fed's Bostic Speech
1:00 PM 7-Year Note Auction
1:00 PM Fed's Evans Speech
4:30 PM Fed Balance Sheet
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