Outlook 05/18: U.S. stock futures pared gains in early trading Tuesday after data showed housing starts dropped sharply last month. Housing starts tumbled 9.5% to a seasonally adjusted annual rate of 1.569 million units last month, the Commerce Department said on Tuesday. Futures earlier rebounded after better-than-expected earnings from Home Depot and a rebound in tech shares.
/ESM21: YVAH 4158 YPOC 4156 YVAL 4144 GAP 4159.75
/ES Plan: Yesterday market closed balanced, and overnight continues on that way, moving above yesterday's value, so these are the initial balance options for today:
A) If market moves above YVAH 4158 with bullish internals, buy towards HVE4163 GAP 4182 and PBT 4193.
B) If market moves below HVE 4158 with bearish internals, sell towards YVAL 4144 HVE 4137 and HVE 4122.
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
10:00 E-Commerce Retail Sales
11:00 Fed's Bostic Speech
11:05 Fed's Kaplan Speech
12:30 Fed's Bostic Speech
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