Broad Rally

Outlook 05/25: U.S. stock futures are pointing higher, as a broad rally takes hold ranging from beaten-down tech shares to reopening plays. Helping sentiment is the lowest level of U.S. COVID-19 cases since June 2020 as Americans look toward Memorial Day and traveling this summer. Lael Brainard, Raphael Bostic and James Bullard all said Monday that they wouldn't be surprised if prices rise in the coming months, but reiterated that most of those gains should be temporary. 

/ESM21: YVAH 4206 YPOC 4195 YVAL 4187 GAP 4198

/ES Plan: Last session market closed bullish (PBT 4261), and overnight continues on that way, moving a few ticks above yesterday's value, so these are the initial balance options for today:

A) If market moves above YVAH 4206 with bullish internals, buy towards HVE 4213 PBT 4229 and ATH 4238.

B) If market moves below YVAH 4206 with bearish internals, sell towards GAP 4198 YVAL 4187 and GAP 4157.

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 New Home Sales

10:00 Consumer Confidence

10:00 Richmond Fed Mfg.

1:00 PM 2-Year Note Auction

1:00 PM Money Supply

2:00 PM Fed's Quarles Testimony

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