June begins

Outlook 06/03: U.S. stock futures edge higher to start the month. Markets are coming off a strong May, with all three major averages notching their sixth positive month in seven. However, the rally seemed to lose steam near the end of the month. Despite the SP500 and Nasdaq closing near all-time highs on Friday, with technicals still stretched, little fear baked in, and sentiment looking optimistic, volatility could pick up over the summer. The first week of June is brimming with economic updates, including manufacturing data on Monday and a key jobs report on Friday.

/ESM24 (JUN 2024): YVAH 5263 YPOC 5232 YVAL 5209 GAP 5297.50

/ES Plan: Last session market closed bullish, but overnight looks balanced, still moving above previous value, so these're the opening and initial balance options for today:

A) If market moves above YHOD 5307 with bullish internals, buy towards ONH 5313 GAP-HVE 5322 HVE 5350 and ATH 5368.

B) If market moves below YHOD 5307 with bearish internals, sell towards YPOC 5232 YVAL 5209 HVE 5180 and GAP 5161.

Note: Market opens above value and if it begins to trade within value, VAR comes into play. It's Monday, usually the quietest days of the week. Many traders want to take their time analyzing the market. Don't expect a trending session as Friday. 

Market Movers

9:45 PMI Manufacturing Index

10:00 ISM Manufacturing Index

10:00 Construction Spending 

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