Tech sell-off

Outlook 05/11: U.S. stock futures set for a lower open as tech stocks remain under pressure. The tech-heavy Nasdaq has had a less-than-merry start to May, already down 4% this month and sitting 5.2% below its most recent record close. The Labor Department's JOLTS report the measure of job opportunities and labor turnover is out at 10 a.m. ET, with economists expecting it to show 7.5 million job openings as of the end of March. That would be up from the 7.4 million openings seen at the end of February.

/ESM21: YVAH 4234 YPOC 4227 YVAL 4200 GAP 4182

/ES Plan: Yesterday market closed bearish, and overnight continues on that way, moving below yesterday's range, so these are the initial balance options for today:

A) If market remains above HVE 4122 with bullish internals, buy towards HVE 4164 and GAP 4182.

B) If market moves below HVE 4122 with bearish internals, sell towards HVE 4109 and HVE 4100.

Note: Overnight inventory is 100% bearish. 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

10:00 Job Openings and Labor Turnover Survey

10:30 Fed's Williams Speech

12:00 PM Fed's Brainard Speech

1:00 PM Fed's Daly Speech

1:00 PM 3-Year Note Auction

1:15 PM Fed's Bostic Speech

2:00 PM Fed's Harker Speech

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