Outlook 01/04: U.S. stock futures are mixed on Thursday as market tried to find some traction following another tough session. Mega-cap tech stocks are under performing to start the year as overstretched valuations and uncertainty around when the Federal Reserve will begin to cut rates have investors worried that markets have gotten overly optimistic. ADP report release showed that jobs grew stronger than expected in December. Companies added 164,000 jobs for the month, higher than the 130,000 estimated. Total jobless claims also showed that the pace of layoffs decelerated for the week ended Dec. 30, a further sign of strength within the labor market.
/ESH24 (MAR 2024): YVAH 4766 YPOC 4755 YVAL 4749 GAP 4746.50
/ES Plan: Yesterday market closed bearish (PBT 4719), and overnight continues on that way, moving below previous value/range, so these're the opening and initial balance options for today:
