Outlook 01/19: U.S. stock futures jump on Friday, with the SP500 poised for a record close, as investors returned to buying equities in force in recent days following a short-lived market stumble to start the new year. If the gain in morning futures holds, the benchmark could post a new record close on Friday. If the SP500 does close at a record on Friday, it would confirm that the stock market is officially in a bull market that began in October 2022. The SP500 is up more than 33% since that low.
/ESH24 (MAR 2024): YVAH 4795 YPOC 4785 YVAL 4771 GAP 4809.25
/ES Plan: Yesterday market closed bullish, and overnight continues on that way, moving above previous value and range, so these're the opening and initial balance options for today:
A) If market moves above HVE 4829 with bullish internals, buy towards ONH-ATH 4842 and PBTs 4850-4855.
B) If market moves below HVE 4829 with bearish internals, sell towards GAP 4809 YVAH 4795 and YVAL 4771.
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
10:00 Existing Home Sales
10:00 Consumer Sentiment
1:00 PM Baker Hughes Rig Count
1:00 PM Fed’s Barr Speech
4:00 PM Treasury International Capital
4:15 PM Fed's Daly Speech
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