Outlook 05/19: U.S. stock futures sink as tech names slide. Minutes published today from the Fed's April meeting could shed some light on recent price pressures, while bubble risks may be surfacing across a number of speculative asset classes, including crypto, and meme stocks.
/ESM21: YVAH 4163 YPOC 4158 YVAL 4140 GAP 4122.75
/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 moves above LIS 4075 with bullish internals, buy towards HVE 4100 GAP 4122.75 ONH 4123 and YVAL 4140.
B) If market moves below LIS 4075 with bearish internals, sell towards GAP 4056 HVE 4039 GAP 4014 and HVE 3980.
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 Fed's Quarles Testifies on Supervision and Regulation
10:00 Fed's Bullard Speech
10:30 EIA Petroleum Inventories
1:00 PM 20-Year Bond Auction
2:00 PM FOMC Minutes
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