Outlook 09/20: Stock futures on the flatline Friday after yesterday printed a new record, bolstered by enthusiasm over the Federal Reserve’s interest rate cut. Unemployment data, along with the Fed’s half-point rate cut on Wednesday, seemed to bolster investors’ sentiment. Initial jobless claims, which came in at 219,000 for the week of Sept. 14, were lower than expected and showed a decline from the prior week. Lower-than-expected jobless claims won’t raise any immediate concerns about the labor market slowing too much.
ESZ24 (DEC2024): YVAH 5788 YPOC 5774 YVAL 5767 GAP 5772.75
/ES Plan: Yesterday market closed bullish (PBT 5826), but overnight looks balanced, moving below previous value, so these're the opening and initial balance options for today:
A) If market moves above YVAL 5767 with bullish internals, buy towards YVAH 5788 YHOD 5797 and PBT 5826 magnet.
B) If market moves below YVAL 5767 with bearish internals, sell towards HVEs 5722-5710 and GAP-YLOD 5691 magnet.
Note: It's triple witching day, which refers to the simultaneous expiration of stock options, market index options and market index futures. The event can lead to higher volatility and more trading volumes, with high-frequency traders trying to take advantage for quick arbitrage opportunities. It happens four times a year - on the third Friday of March, June, September and December - with much of the increases in activity taking place during the last hour of trading, otherwise known as the "witching hour."
Market Movers
1:00 PM Baker Hughes Rig Count
2:00 PM Fed's Harker Speech
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