Hope of rate cuts

Outlook 05/06: U.S. stock futures rise to start the week on hope of Fed rate cuts. Markets popped more than 1% each on Friday after fresh jobs report data on Friday showed the U.S. economy added fewer-than-expected jobs in April and an increase in unemployment, easing fears of an overheating economy. Traders became enthusiastic that the Fed could start lowering rates sooner this year. Investors will get more clues on future Fed moves on Monday, with Richmond Fed President Tom Barkin and New York Fed President John Williams slated to speak.

/ESM24 (JUN 2024): YVAH 5161 YPOC 5155 YVAL 5138 GAP 5161.25

/ES Plan: Last session market closed bullish (PBT 5215), and overnight continues on that way, moving above previous value/range, so these're the opening and initial balance options for today:

A) If market remains above YHOD 5167 with bullish internals, buy towards HVEs 5181-5196-5215 and GAP 4243.

B) If market moves below HVE 5167 with bearish internals, sell towards YVAH-GAP 5161 and ONL-YPOC 5155.

Note: 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 opens above value and if it begins to trade within value, VAR comes into play.

Market Movers

11:30 3-6 Month Bill Auction

12:50 PM Fed's Barkin Speech

1:00 PM Fed's Williams Speech 

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