Outlook 04/27: U.S. stock futures were flat after the Nasdaq closed at a record for the first time since February. Tesla reported a record quarterly profit after Monday's closing bell, while Microsoft and Alphabet will release their Q1 results today. Apple and Facebook are scheduled to report tomorrow, followed by Amazon on Thursday The Fed kicks off its two-day April policy meeting Tuesday. The central bank is not expected to take any action, but economists expect it to defend its willingness to let inflation run hot, even as commodities hit multiyear highs.
/ESM21: YVAH 4184 YPOC 4181 YVAL 4177 GAP 4177.50
/ES Plan: Yesterday market closed bullish (PBT 4198), but overnight looks more balanced, printing a new record high, so these are the initial balance options for today:
A) If market moves above YVAH 4184 with bullish internals, buy towards ONH 4192.50 and PBTs 4198-4201.
B) If market moves below 4184 with bearish internals, sell towards GAP-YVAL-ONL 4177-76 and GAP 4167.
Note: Market opens within previous value area. Trading from responsive versus initiative is expected, so don't be 'too anxious' to trade early. Bad trades occur are when you try to force things to happen, don’t force it. Remember that new record high has been printed overnight, so it's still pending to be revisited at regular trading hours.
Market Movers
10:00 Consumer Confidence
10:00 Richmond Fed Mfg.
11:30 2-Year FRN Auction
1:00 PM 7-Year Note Auction
1:00 PM Money Supply
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