Outlook 12/21: U.S. stock futures climbed Thursday morning after the recent market rally took a breather. Yesterday was a losing day with investors taking profits after recent gains. The SP500 dropped almost 1.5%, its worst day since September. This drop marks a breather from the recent market rally. From their late October closing lows through Tuesday, the SP500 jumped more than 15%. The third reading of real gross domestic product came in lower than expected. Initial jobless claims were little changed week over week and below expectations.
/ESH24 (MAR 2024): YVAH 4830 YPOC 4823 YVAL 4770 GAP 4746.50
/ES Plan: Yesterday market closed bearish, but overnight looks more balanced, moving within previous value, so these're the opening and initial balance options for today:
A) If market remains above YVAL 4770 with bullish internals, buy towards ONH 4795 YPOC 4823 and YVAH-ATH 4830.
B) If market moves below YVAL 4770 with bearish internals, sell towards ONL 4751 GAP 4746 and HVE-YLOD 4744
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 towards yesterday's liquidation level (YPOC) Holidays weeks so volume is lower than usual. If market opens inside value let the market lead. You don’t have to be the first. Bad trades occur when you try to force things to happen.
Market Movers
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
4:30 PM Fed Balance Sheet
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