Outlook 05/20: U.S. stock futures point to open higher after jobless claims drop more than expected for a new pandemic low. Initial claims for jobless benefits totaled 444,000 last week, better than the 452,000 estimated. The total represented a decline from the previous week’s 478,000 and was the lowest since March 14, 2020. While Fed officials continue to stress the need for more improvement in the jobs picture, the claims numbers suggest that employment is growing consistently.
/ESM21: YVAH 4105 YPOC 4095 YVAL 4070 GAP 4107.25
/ES Plan: Yesterday market closed bullish, but overnight looks balanced, moving above yesterday's value, so these are the initial balance options for today:
A) If market moves above HVE 4122 with bullish internals, buy towards HVE 4163 and GAP 4182.
B) If market moves below HVE 4122 with bearish internals, sell towards HVE 4100 and HVE 4055.
Note: Yesterday market avoided a 'Value Transition' and return to higher value. We've to watch closely if HVE 4100 is acceptable or rejected.
Market Movers
10:00 Leading Indicators
10:00 Quarterly Services Report
10:30 EIA Natural Gas Inventory
4:30 PM Fed Balance Sheet
6:05 PM Fed's Kaplan Speech
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