Powell Speech

Outlook 11/09: U.S. stock futures rise modestly on Thursday following a session in which the broad-market index added to its longest winning streak since November 2021.Technology stocks have also continued to outperform as investors assess the interest rate environment. It’s a market that appears to be thinking that higher rates are going to be with us for longer. initial filings for jobless benefits released Thursday showed a decline of 3,000. Traders are looking ahead to remarks from a slate of Federal Reserve officials, including chair Jerome Powell.

/ESZ23 (Dec 2023): YVAH 4403 YPOC 4395 YVAL 4390 GAP 4395.75

/ES Plan: Yesterday market closed bullish (PBT 4416), 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 YHOD 4408 with bullish internals, buy towards PBT 4416 HVE 4424 PBTs 4428- 4433 and GAP 4445.

B) If market moves below YHOD 4408 with bearish internals, sell towards YVAH 4403 GAP 4396 YVAL 4390 and YLOD 4375.

Note: Overnight inventory is 100% bullish. The expected action is a counter-auction; failure to see the counter-auction would be an indication of potential trend day. Market opens above value and if it begins to trade within value, VAR comes into play.

Market Movers

10:30 EIA Natural Gas Inventory
11:00 Fed's Barkin
12:00 PM Fed's Kathleen
1:00 PM 30-Year Bond Auction
2:00 PM Jerome Powell's Speech
4:30 PM Fed Balance Sheet 

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