Outlook 02/26: U.S. stock futures are little changed Monday after key stock benchmarks reached record highs and investors awaited inflation data slated for release later this week. Market is banking on the Fed’s orchestration of a soft landing and the longer the Fed waits the more risk there is to that happy ending. The Fed is well aware that they want to avoid a repeat of a stop-and-go tightening of interest rates in the 1970s when they failed to control inflation so they remain patient to make sure they are confident their job is done. A hotter than expected PCE report this week could be a data point that could dampen the market enthusiasm.
/ESH24 (MAR 2024): YVAH 5110 YPOC 5100 YVAL 5096 GAP 5097.50
/ES Plan: Last session market closed bearish (PBT 5077), but Monday's reopening looks slightly bullish, moving within value, so these're the opening and initial balance options for today:
