Earnings season

Outlook 04/12: U.S. stock futures look balanced showing little enthusiasm as the first-quarter earnings reporting season begins this week. Meanwhile Federal Reserve Chairman Jerome Powell reaffirmed the central bank's commitment to keep easy monetary policy in place, despite what he sees as a rapidly recovering economy from the depths of the pandemic. "I think it's highly unlikely that we would raise rates anything like this year," Powell told "60 Minutes" in an interview that aired Sunday. Powell will also speak Wednesday at an Economic Club of Washington event.

/ESM21: YVAH 4104 YPOC 4092  YVAL 4087 GAP 4112.75

/ES Plan: Last session market closed balanced, and overnight looks bimodal (LIS 4111), still moving above Friday's value, so these are the initial balance options for today:

A) If market remains above LIS 4111 with bullish internals, buy towards GAP 4112.75 and ATH 4121.50 

B) If market moves below LIS 4111 with bearish internals, sell towards ONL-YVAH 4104 and YVAL 4087.

Note: Overnight inventory is 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

1:00 PM 10-Year Note Auction
2:00 PM Treasury Statement

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