Outlook 04/02: U.S. stock futures pointed to a second day of losses to start the new quarter as bond yields increased and traders lowered the odds that the Federal Reserve would cut interest rates in June. On the economic front, traders will be looking for the Job Openings and Labor Turnover Survey from February, out Tuesday at 10 a.m. ET. Durable orders for February are also on deck Tuesday morning. The main event this week will be March’s big payrolls report due Friday.
/ESM24 (JUN 2024): YVAH 5308 YPOC 5294 YVAL 5282 GAP 5294.50
/ES Plan: Yesterday market closed bearish (PBT 5253), and overnight continues on that way, moving below value/range, so these're the opening and initial balance options for today:
A) If market moves above HVE 5253 with bullish internals, buy towards YVAL 5282 YPOC 5294 and YVAH 5308.
B) If market moves below HVE 5253 with bearish internals, sell towards FOMC SoC 5240 HVE 5196 and GAP 5184.
Note: Overnight inventory is 100% bearish. The expected action is a counter-auction; failure to see the counter-auction would be an indication of potential trend day. Market opens below value and if it begins to trade within value, VAR comes into play.
Market Movers
10:00 Factory Orders
10:00 JOLTS
10:10 Fed's Bowman Speech
12:00 PM Fed’s Williams Speech
12:05 PM Fed's Mester Speech
1:30 PM Fed's Daly Speech
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