Outlook 05/24: U.S. stock futures point to a higher open as investors size up the volatile swings in crypto markets, as well as China's intensifying campaign to rein in raw material prices. It's going to be a very mixed market over the next several months until we get more information on what's really going to happen with inflation and how the stimulus affects spending, but also how the coronavirus progresses.
/ESM21: YVAH 4171 YPOC 4157 YVAL 4151 GAP 4156.75
/ES Plan: Last session market closed bearish (PBT 4130), but overnight looks more bullish, moving above yesterday's value, so these are the initial balance options for today:
A) If market remains above YVAH 4171 with bullish internals, buy towards HVE 4185 HVE 4213 PBT 4229 and ATH 4238.
B) If market moves below YVAH 4171 with bearish internals, sell towards GAP 4156.75 YVAL 4151 ONL 4142.50 and PBT 4130.
Note: Market opens above previous value area and if it remains above value, it is a clearly bullish signal. But, if market begins to trade within value with volume increasing, last bearish imbalance comes into play. Remember that new record high has been printed overnight, so it's still pending to be revisited at regular trading hours.
Market Movers
11:00 Fed's Mester Speech
12:00 PM Fed's Bostic Speech
5:30 PM Fed's George Speech
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