Outlook 06/03: U.S. stock futures were lower Thursday morning as the SP500 continues to struggle to reach a new all-time high. On the date front, private job growth for May accelerated at its fastest pace in nearly a year as companies hired nearly a million workers. Meanwhile, the latest jobless claims data fell below 400,000 for the first time since the early days of the pandemic.
/ESM21: YVAH 4208 YPOC 4200 YVAL 4198 GAP 4205
/ES Plan: Yesterday market closed balanced, but overnight looks more bearish, moving below yesterday's value/range so these are the initial balance options for today:
A) If market moves above HVE 4185 with bullish internals, buy towards YVAL 4198 GAP 4205 and HVEs 4213-4219.
B) If market remains below HVE 4185 with bearish internals, sell towards ONL 4169.50 HVE 4163 GAP 4157 and HVE 4143.
Note: Overnight inventory is 90% 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.
Remember that new record high has been printed overnight, so it's still pending to be revisited at regular trading hours.
Market Movers
9:45 PMI Composite Final
10:00 ISM Services Index
10:30 EIA Natural Gas Inventory
11:00 EIA Petroleum Inventories
12:30 PM Fed's Bostic Speech
1:50 PM Fed's Harker Speech
3:05 PM Fed's Quarles Speech
4:30 PM Fed Balance Sheet
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