Outlook 01/11: U.S. stock futures rise Wednesday as investors look to build on what has been a positive start to 2023 so far. 2023 has brought a relief rally so far for more risky areas of the market, such as tech, but many investors are still cautious ahead of earnings season and further expected rate hikes from the Federal Reserve. Wednesday features a light schedule for economic data, but investors will be gearing up for a key inflation report on Thursday and major bank earnings on Friday.
/ESH23 (Mar 2023): YVAH 3934 YPOC 3930 YVAL 3909 GAP 3940.75
/ES Plan: Yesterday market closed bullish (PBT 3969), and overnight continues on that way, moving above previous value/range, so these're the opening and initial balance options for today:
A) If market moves above HVE 3960 with bullish internals, buy towards PBT 3969 and HVE 3979.
B) If market remains below HVE 3960 with bearish internals, sell towards GAP 3840 and YVAH 3934.
Note: Market opens above value and if it begins to trade within value with volume increasing, 'Value Area Rule (VAR)' comes into play.
Market Movers
10:00 Atlanta Fed's Inflation
10:30 EIA Petroleum Inventories
1:00 PM 10-Year Note Auction
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