Outlook 03/29: U.S. stock futures point to a lower open, as Treasury yields are pressuring tech shares again. The 10-year Treasury yield, which ramped up yesterday, is now up another 5 basis points to 1.77%. It's now up to the highest level since last January. The selloff in bonds has come with a combination of optimism over the U.S. vaccine rollout and the possibility of an infrastructure bill providing more stimulus to the economy.
/ESM21: YVAH 3959 YPOC 3945 YVAL 3934 GAP 3964.25
/ES Plan: Yesterday market closed bimodal (LIS 3951), but overnight looks more bearish, still moving within yesterday's value, so these are the initial balance options for today:
A) If market moves above LIS 3951 with bullish internals, buy towards GAP 3964.25 ONH 3968.50 and ATH 3978.50
B) If market moves below LIS 3951 with bearish internals, sell towards ONL 3942.50 HVE 3935 and GAP 3905.
Note: Market looks balanced. Trading from responsive versus initiative would be preferred, so don't be 'too anxious'. If we're within value we want to have some patience until market shows a clear bias.
Market Movers
10:00 Consumer Confidence
12:00 PM Fed’s Bostic Speech
2:00 PM Fed’s Williams Speech
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