Outlook 05/26: U.S. stock futures struggled to find direction yesterday, with stocks jumping earlier in the session, but closing just below the flatline. Overnight looks balanced right now, waiting for more clues about Fed tapering policy. Fed Vice Chair Richard Clarida also suggested yesterday that the appropriate timing of scaling back should be discussed at upcoming policy meetings and he may shed more light on the matter this morning.
/ESM21: YVAH 4198 YPOC 4187 YVAL 4182 GAP 4185
/ES Plan: Yesterday market closed bearish (PBT 4161), but overnight looks more balanced, moving a few ticks above yesterday's value, so these are the initial balance options for today:
A) If market remains above YVAH 4198 with bullish internals, buy towards HVE 4213 PBT 4229 and ATH 4238.
B) If market moves below YVAH 4198 with bearish internals, sell towards GAP 4185 HVE 4163 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 Fed's Quarles Speech
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
11:00 Survey of Business Uncertainty
11:30 2-Year FRN Auction
1:00 PM 5-Year Note Auction
3:00 PM Fed's Quarles Speech
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