Outlook 04/08: U.S. stock futures ticked modestly lower after weekly jobless claims rose more than expected last week despite other signs of healing in the jobs market. First-time claims for the week ended April 3 totaled 744,000, well above the expectation for 694,000. Fed Chair Jay Powell speaks at an IMF event today, where he is likely to share his views on the global recovery and monetary policy outlook. The market is forecasting that the Fed will have to raise rates way before they are saying, but the question is if the Fed raises rates before inflation has moved above 2% for some time.
/ESM21: YVAH 4071 YPOC 4066 YVAL 4063 GAP 4073.50
/ES Plan: Last session market closed balanced, but overnight printed new record high, moving above yesterday's value, so these are the initial balance options for today:
A) If market moves above LIS 4082 with bullish internals, buy towards ATH-ON 4092.75 and PBTs 4097-4114.
B) If market remains below LIS 4082 with bearish internals, sell towards GAP 4073.50 ONL 4072.50 and YVAH 4071.
Note: Overnight inventory is 100% bullish. The expected action is a counter-auction relative to overnight inventory; failure to see the counter-auction would be an indication of potential trend day.
Remember that new record high has been printed overnight, so it's still pending to be revisited at regular trading hours.
Market Movers
10:30 EIA Natural Gas Inventory
11:00 Fed's Bullard Speech
12:00 PM Jerome Powell Speech
2:00 PM Fed's Kashkari Speech
4:30 PM Fed Balance Sheet
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