Outlook 10/24: Stock futures bounce after 3 days of losses as Tesla leads tech shares higher. Tesla surged more than 14% in the premarket after the electric vehicle manufacturer posted third-quarter results that beat analyst expectations. Treasury yields moved lower early Thursday, helping lift market sentiment after rising yields kept stocks under pressure this week. The 10-year Treasury yield topped the 4.25% threshold on Wednesday at the high of the session.
ESZ24 (DEC2024): YVAH 5857 YPOC 5838 YVAL 5800 GAP 5842
/ES Plan: Yesterday market closed earish, but overnight looks bullish (PBT 5890), moving within previous value, so these're the opening and initial balance options for today:
A) If market moves above HVE 5870 with bullish internals, buy towards GAP-PBT 5890 HVE 5916 and ATH-ETH 5927 magnet.
B) If market moves below HVE 5870 with bearish internals, sell towards YVAH 5857 GAP 5842 and YVAL-YLOD-HVE 5800.
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. New record high has been printed overnight, so it's still pending to be revisited at regular trading hours. Market opens above value and if it begins to trade within value, VAR comes into play.
Market Movers
09:45 AM PMI Composite Flash
10:00 AM New Home Sales
10:30 AM EIA Natural Gas Inventory
11:00 AM Kansas City Fed Survey
01:00 PM 5-Year TIPS Auction
04:30 PM Fed Balance Sheet
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