Flat Friday

Outlook 05/17: U.S. stock futures trade flat after printing new record yesterday. The broad SP500 retreated about 0.2% on Thursday after breaking above the closely watched 5,300 level for the first time a day prior. This week’s ascent has helped propel the three indexes into positive territory for the second quarter despite a tough start. The SP500 is more than 11% in 2024. Investors will watch for leading indicators data due Friday morning. There are no major financial reports from companies expected as earnings season winds down.

/ESM24 (JUN 2024): YVAH 5342 YPOC 5336 YVAL 5329 GAP 5317.75

/ES Plan: Yesterday market closed bearish below value, but overnight looks more balanced, still moving below previous value, so these're the opening and initial balance options for today:

A) If market moves above HVE 5324 with bullish internals, buy towards YVAL 5329 YVAH 5342 HVE 5336 and YHOD 5349.

B) If market moves below HVE 5324 with bearish internals, sell towards GAP 5317 ONL 5313 HVE 5388 and CPI SoC-GAP 5270.

Note: Market opens below value and if it begins to trade within value, VAR setup comes in play. It's Friday and traders who have made losses that week will likely take large risks to try and end the week with a profit. Try to be calm and focus on the market rather than thinking about your account. 

Market Movers

10:00 E-Commerce Retail Sales

10:00 Leading Indicators

10:15 Fed's Waller Speech

12:15 PM Fed's Daly Speech

1:00 PM Baker Hughes Rig Count 

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