New Highs

Outlook 06/20: U.S. stock futures climbed on Thursday morning as investors look for the benchmark to confirm its latest record high. Stocks are headed for a winning week after the SP500 reached a fresh record on Tuesday, alongside the Nasdaq Composite. The stock market was closed Wednesday for the Juneteenth holiday. Nvidia led the charge higher as the artificial intelligence darling and chipmaker surpassed Microsoft to become the most valuable company in the world. Nvidia stock has climbed 174% in 2024, as the AI boom continues to boost equities. On Thursday, the stock was up another 2.9%.

/ESU24 (SEP 2024): YVAH 5557 YPOC 5553 YVAL 5547 GAP 5561.75

/ES Plan: Last session market closed bullish, and overnight continues on that way (PBT 5604), moving above previous value/range, so these're the opening and initial balance options for today:

A) If market moves above ON-HVE 5575 with bullish internals, buy towards ATH-ONH 5588 and PBT 5620.

B) If market moves below ON-HVE 5575 with bearish internals, sell towards YHOD-GAP 5562 and YPOC 5553.

Note: We're into rollover week and usually rollover days show big divergences between Stocks vs. Futures, so setups that usually work well, may fail completely. I'm quoting /ESU24 due to September contract volume is greater than June contract. New record high has been printed overnight, so it's still pending to be revisited at regular trading hours.

Market Movers

10:00 Atlanta Fed's Expectations

11:00 EIA Petroleum Inventories

4:00 PM Fed's Barkin Speech

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