Outlook 04/09: U.S. stock futures ticked lower after the Producer Price Index (PPI) for final demand increased 1.0 percent in March, seasonally adjusted. While the 10-year Treasury rate surged to 1.776% at the end of March, Jay Powell appears to be getting his message across to the population. Yesterday, the Fed Chair repeated his view that any upward pressure on prices is "transitory," while price increases resulting from supply chain bottlenecks should "eventually resolve themselves."
/ESM21: YVAH 4088 YPOC 4082 YVAL 4078 GAP 4094
/ES Plan: Last session market closed bullish, and overnight printed new record high, but still moving within yesterday's value, so these are the initial balance options for today:
A) If market moves above LIS YVAH 4088 with bullish internals, buy towards GAP 4094 ATH-ON 4102.50 and PBT 4114.
B) If market remains below LIS YVAH 4088 with bearish internals, sell towards ONL 4081 YVAl 4078 and PBT 4065.
Note: 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 Fed's Kaplan Speech
10:00 Wholesale Inventories
12:00 PM Fed's Kaplan Speech
1:00 PM Baker-Hughes Rig Count
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