Outlook 05/03: U.S. stock futures ticked higher overnight, rising 0.5%. The Manufacturing PMI and ISM Manufacturing data for April will be released this morning, shedding light on the economic situation before Friday's big non-farm payrolls report. The old adage, “sell in May, go away,” does not appear to be materializing Monday, but it’s a historic trend investors will be watching as May plays out.
/ESM21: YVAH 4183 YPOC 4178 YVAL 4172 GAP 4181
/ES Plan: Last session market closed bearish (PBT 4155), but overnight looks more bullish, moving above yesterday's value, so these are the initial balance options for today:
A) If market moves above HVE 4188 with bullish internals, buy towards ONH-GAP 4200 and PBTs 4222-4241.
B) If market moves below HVE 4188 with bearish internals, sell towards ONL 4181.50 HVE 4164 and GAP 4179.
Note: Overnight inventory is 100% bullish. The expected action is a counter-auction relative to overnight inventory; failure to see the counter-auction would be an indication of potential trend day.
Market Movers
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
2:10 PM Fed's Williams Speech
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