Outlook 09/10: U.S. stock futures point to bullish open after the producer price index accelerated 0.7% for the month, above the 0.6% estimated. The data comes amid heightened inflation fears fed by supply chain issues, a shortage of various consumer and producer goods and heightened demand related to the Covid-19 pandemic. Federal Reserve officials expect inflationary pressures to ease through the year, but they have remained stubbornly persistent.
/ESU21: YVAH 4513 YPOC 4500 YVAL 4490 GAP 4491.75
/ES Plan: Yesterday market closed bearish (PBT 4470), but overnight looks more bullish (PBT 4525), still moving within yesterday's value, so these're the opening and initial balance options for today:
A) If market remains above HVE 4499 with bullish internals, buy towards HVE 4511 and GAP 4534.
B) If market moves below HVE 4499 with bearish internals, sell towards ONL-HVE 4478 and GAP 4467.
Note 1: Keep in mind that we're on the rollover week. Pace of the roll 50% so I'll start quoting ESZ21 December contract after NYSE Bell.
Note 2: Remember that record high has been printed overnight, so it's still pending to be revisited at regular trading hours.
Market Movers
9:00 Fed's Mester Speech
10:00 Wholesale Inventories
1:00 PM Baker-Hughes Rig Count
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