Outlook 02/22: U.S. stock futures rise Thursday, boosted by a jump in Nvidia shares as the chip giant posted record revenue and issued upbeat guidance. Nvidia shares popped more than 12% in the premarket after the chip company said total revenue rose a whopping 265% from a year ago, driven by its booming artificial intelligence business. Markets were mixed Wednesday as investors digested minutes from the January Federal Reserve meeting that indicated policymakers were concerned over lowering rates too quickly. Bears tried to hit NVDA and sell the news, but there isn’t much to dislike in this report.
/ESH24 (MAR 2024): YVAH 4987 YPOC 4977 YVAL 4971 GAP 4993
/ES Plan: Yesterday market closed bullish, and overnight continues on that way (PBT 5104), moving above value/range, so these're the opening and initial balance options for today:
A) If market moves above HVE 5051 with bullish internals, buy towards ONH-ATH 5067 and PBTs 5072-5104.
B) If market moves below HVE 5051 with bearish internals, sell towards YHOD 5020 ONL 5015 and HVE 5000.
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 it begins to trade within value, VAR comes into play.
Market Movers
9:45 PMI Composite Flash
10:00 Existing Home Sales
10:00 Fed’s Jefferson Speech
10:00 Quarterly Services Report
10:30 EIA Natural Gas Inventory
11:00 EIA Petroleum Inventories
3:15 PM Fed's Harker Speech
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