Outlook 05/21: U.S. stock futures pointed to a second day of gains, after a rebound rally halted a three-session losing streak. Some "buy the dip" action may be happening, though fresh data showed the lowest level of jobless claims since the start of the pandemic in March 2020. Another thing on the minds of investors is the global minimum tax proposal just announced by the Treasury Department. The new corporate level would be at least 15%, less than the 21% rate it has proposed for the overseas earnings of U.S. businesses.
/ESM21: YVAH 4169 YPOC 4157 YVAL 4135 GAP 4153.50
/ES Plan: Yesterday market closed bullish (PBT 4229), 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 4169 with bullish internals, buy towards GAP 4182 HVE 4213 and PBT 4229.
B) If market moves below YVAH 4169 with bearish internals, sell towards YVAL 4135 GAP 4107 and HVE 4100.
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, '
Value Area Rule (VAR)' 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
9:45 PMI Composite Flash
10:00 Existing Home Sales
1:00 PM Baker-Hughes Rig Count
1:30 PM Fed's Daly Speech
4:55 PM Fed's Kaplan Speech
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