More Inflation

Outlook 06/10: U.S. stock futures rose after inflation report showed a bigger-than-expected increase in price pressures. Consumer prices for May accelerated at their fastest pace since the summer of 2008 amid the economic recovery from the pandemic-triggered recession. Fears of spiking inflation have weighed on the stock market in the last month, with investors worried the jump in prices will raise costs for companies, spark a move higher in interest rates and cause the Federal Reserve to remove its easy money policies.

/ESM21: YVAH 4233 YPOC 4230 YVAL 4226 GAP 4221.75

/ES Plan: Yesterday market closed bullish (PBT 4244), but overnight looks balanced, moving within yesterday's value so these are the initial balance options for today:

A) If market remains above YVAL 4226 with bullish internals, buy towards  ATH 4238 and PBTs 4244-4248.

B) If market moves below HVE 4226 with bearish internals, sell towards HVEs 4219-4213 and ONL 4207.

Note: Remember that new record high has been printed overnight, so it's still pending to be revisited at regular trading hours. Keep in mind that we're on the rollover week, so volume from June contract starts to dries up towards September contract.

Market Movers

10:00 Quarterly Services Report

10:30 EIA Natural Gas Inventory

1:00 PM 30-Year Note Auction

4:30 PM Money Supply

4:30 PM Fed Balance Sheet

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