The SP5000

Outlook 02/08: U.S. stock futures are little changed with SP500 on the brink of 5,000. The fourth-quarter earnings season has been stronger than expected, boosting investor confidence that the healthy economy could continue driving corporate profits. Big Tech Meta Platforms surged another 3% Wednesday, while Nvidia and Microsoft rose about 2% each to fresh record highs. Weekly jobless claims totaled 218,000 for the week ended Feb. 3, down 9,000 from the week before and just below the estimate for 220,000.

/ESH24 (MAR 2024): YVAH 5020 YPOC 5014 YVAL 5000 GAP 5014.50

/ES Plan: Yesterday market closed bullish (PBT 5058), but overnight looks more balanced, moving within previous value/range, so these're the opening and initial balance options for today:

A) If market moves above YPOC 5014 with bullish internals, buy towards ONH 5016 ATH-YVAH 5020 and PBT 5058.

B) If market moves below YPOC 5014 with bearish internals, sell towards ONL 5004 YVAL-HVE 5000 and GAP 4969.

Note: Market opens inside value. Don't be 'too anxious'. Let the market lead. You don’t have to be the first. Bad trades occur when you try to force things to happen. 

Market Movers

10:00 Wholesale Inventories
10:30 EIA Natural Gas Inventory
11:30 Fed's Barkin Speech
1:00 PM 30-Year Bond Auction
4:30 PM Fed Balance Sheet 

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