Outlook 03/22: U.S. stock futures point to bullish open after the yield on the 10-year Treasury note slipped 5 bps to 1.68%. The relationship between stocks and bond yields couldn't be stronger, with the two joined at the hip for the last several weeks. Fed Chair Jerome Powell is also scheduled to speak at 9 a.m. today, discussing central bank innovation at an event hosted by the Bank for International Settlements.
/ESM21 (June Contract): YVAH 3918 YPOC 3912 YVAL 38967 GAP 3896
/ES Plan: Last session market closed bullish (PBT 3950), butd overnight looks more balanced, moving within Friday's value, so these are the initial balance options for today:
A) If market moves above LIS 3896 with bullish internals, buy towards ONH 3911 YVAH 3918 and HVE 3936 and PBT 3950.
B) If market moves below LIS 3896 with bearish internals, sell towards ONL 3885 HVE 3878 GAP 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
9:00 Powell Speech
10:00 Existing Home Sales
10:30 Fed’s Barkin Speech
1:00 PM Fed’s Daly Speech
1:30 PM Fed’s Quarles Speech
7:15 PM Fed’s Bowman: Economic Outlook
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