Outlook 06/04: U.S. stock futures fall as sluggish start to June trading continues. Weak manufacturing data weighed on market sentiment, as investors are waiting to see if growth can hold up while the Federal Reserve waits for inflation to decline enough to cut interest rates. A busy week of economic data continues on Tuesday, with job opening and factory order data for April due out at 10 a.m. ET. The key report of the week will be Friday’s May payrolls report.
/ESM24 (JUN 2024): YVAH 5313 YPOC 5308 YVAL 5279 GAP 5300.50
/ES Plan: Yesterday market closed bullish, but overnight looks 100 bearish, moving within previous value, so these're the opening and initial balance options for today:
A) If market moves above YVAL 5279 with bullish internals, buy towards GAP 5300 ONH 5303 YVAH 5313 GAP-HVE 5322 and ATH 5368.
B) If market moves below YVAL 5279 with bearish internals, sell towards ONL 5262 HVE 5256 YLOD 5246 HVEs 5205-5180 and GAP 5161.
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 bearish trend day. If market opens below value and it begins to trade within value, VAR comes into play.
Market Movers
10:00 Factory Orders
10:00 Job Openings and Labor Turnover Survey
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