Awaiting Powell

Outlook 06/22: U.S. stock futures point to slightly lower open, as market set to add to Monday’s comeback rally. Fed Chairman Jerome Powell will testify before the House of Representatives Tuesday on the central bank’s response to the pandemic. His remarks, which were released ahead of the hearing Monday evening, are likely to support the notion that the Fed is ready to soon start discussing removing some of its unprecedented stimulus measures enacted during the pandemic. Powell’s testimony begins at 2pm ET.

/ESU21: YVAH 4219 YPOC 4206 YVAL 4175 GAP 4219

/ES Plan: Yesterday market closed bullish, but overnight looks more balanced, moving within yesterday's value so these are the initial balance options for today:

A) If market moves above HVE 4213 with bullish internals, buy towards  ONH 4226 HVE 4233-4249 and ATH 4258. 

B) If market moves below HVE 4213 with bearish internals, sell towards HVEs 4204-4188-4175-4163 and GAP 4151.

Note: 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 Richmond Fed Mfg.

10:00 Existing Home Sales

11:00 Fed Daly Speech

1:00 PM 2-Year Note Auction

1:00 PM Money Supply

2:00 PM Powell Testimony

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