Outlook 02/12: U.S. stock futures are little changed after the SP500 closes above 5,000 for the first time. The broader index has now risen more than 5% since the start of the year. Traders are waiting for the latest level on the consumer price index (CPI), a key inflationary gauge, set to be released on Tuesday morning. More key economic data is expected on Thursday and Friday, including January’s reading on retail sales, production, imports and exports, housing starts and the producer price index, or PPI.
/ESH24 (MAR 2024): YVAH 5046 YPOC 5042 YVAL 5027 GAP 5042.75
/ES Plan: Last session market closed bullish (PBT 5071), but overnight looks more balanced, moving within value, so these're the opening and initial balance options for today:
A) If market moves above YPOC 5042 with bullish internals, buy towards ONH-YVAH 5046 YHOD 5049 and PBTs 5058-5071.
B) If market moves below YPOC 5042 with bearish internals, sell towards ONL 5039 YVAL 5027 YLOD 5013 and HVE 5000.
Note: Market opens balanced. Don't be 'too anxious'. Let the market lead. It's Monday and Mondays are usually the quietest days of the week. Many traders want to take their time analyzing the market, and usually, there are few economic releases.
Market Movers
11:30 AM 3-6 Month Bill Auction
1:00 PM Fed's Kashkari Speech
2:00 PM Treasury Statement
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