Outlook 05/07: U.S. stock futures are slightly higher Tuesday as the SP500 looks to build on its fourth positive day in a row, ahead the latest batch of earnings. Investors on Monday carried over the bullish market sentiment from Friday, when the latest nonfarm payrolls data showed that job growth came in below expectations in April and unemployment ticked higher. The results alleviated concerns that the economy was too hot and raised optimism around rate cuts from the Federal Reserve.
/ESM24 (JUN 2024): YVAH 5198 YPOC 5183 YVAL 5178 GAP 5204
/ES Plan: Yesterday market closed bullish, 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 moves above HVE 5215 with bullish internals, buy towards GAP 5243 and HVEs 5256-5287-5322.
B) If market moves below HVE 5215 with bearish internals, sell towards GAP 5204 YVAH 5198 and YVAL 5178.
Note: Overnight inventory is 100% bullish. The expected action is a counter-auction; failure to see the counter-auction would be an indication of potential bullish trend day. Market opens above value and if it begins to trade within value, VAR comes into play.
Market Movers
11:30 Fed's Kashkari Speech
1:00 PM 3-Year Note Auction
3:00 PM Consumer Credit
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