Beige Book

Outlook 06/02: U.S. stock futures rose slightly on Wednesday, following muted action on the first day of June. Inflation fears, and the ways in which the Federal Reserve might respond, have weighed on sentiment recently, although the major averages are still hovering around all-time highs. Markets may be on hold before the big jobs report on Friday. A paper published by the San Francisco Federal Reserve Bank, suggests that U.S. labor market signals are conflicting to an “unprecedented” degree.

/ESM21: YVAH 4209 YPOC 4203 YVAL 4195 GAP 4200

/ES Plan: Yesterday market closed bearish (PBT 4176), but overnight looks balanced and bimodal (LIS 4203), moving within yesterday's value so these are the initial balance options for today:

A) If market moves above YPOC 4203 with bullish internals, buy towards HVEs 4213-4219-4233 and ATH 4238.

B) If market moves below YPOC 4203 with bearish internals, sell towards ONL 4190 HVE 4185 and PBT 4176.

Note: Remember that new record high has been printed overnight, so it's still pending to be revisited at regular trading hours.

Market Movers

12:00 PM Fed's Evans Speech
12:00 PM Fed's Harker Speech
12:00 PM Fed's Harker Speech
2:00 PM Fed's Beige Book
6:05 PM Fed's Kaplan Speech

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