Outlook 05/14: U.S. stock futures are indicating a higher open, giving the major averages a chance to cut into the week's losses after their strong Thursday rebound broke three-day losing streaks. Futures pared gains slightly after data showed consumer purchases slowed down last month. Advance retail sales was flat for the April, the Commerce Department reported Thursday.
/ESM21: YVAH 4124 YPOC 4111 YVAL 4092 GAP 4104.25
/ES Plan: Yesterday market closed bullish (PBT 4193), and overnight continues on that way, moving above yesterday's value, so these are the initial balance options for today:
A) If market remains above YVAH 4124 with bullish internals, buy towards GAP 4140 HVE 4164 GAP 4182 and PBT 4193.
B) If market moves below YVAH 4124 with bearish internals, sell towards GAP 4104.25 HVE 4100 and YVAL 4092.
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.
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 Business Inventories
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
1:00 PM Fed's Kaplan Speech
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