Outlook 09/21: Friday looks as another day of gains, as stocks advance across the globe. DJIA and SP500 set new highs on Thursday as the economic outlook got rosier: Initial jobless claims, a proxy for layoffs across the U.S., fell to the lowest level since 1969. A recent spike in government bond yields is further signaling that investors are viewing next week's expected interest rate hike from the Fed as a testament to the strength of the economy.
/ESZ8 Value: YVAH 2940 YPOC 2936 YVAL 2930
/ES Plan: Yesterday market closed bullish (PBT 2958) and overnight looks more balanced, moving within yesterday's value, so we've these options:
A) If market remains above YVAH 2940 with bullish internals, become a buyer towards ONH 2945.50 and PBTs 2947-2958.
B) If market starts to move below 2940 with bearish internals, try to sell towards ONL 2937.50 LVN 2934 and YVAL 2930.
Reminder: Today is Quadruple Witching, a date that entails the simultaneous expiry of stock index futures, stock index options, stock options and single stock futures. Much of the action surrounding futures and options on quadruple witching days is focused on offsetting, closing or rolling out positions, as well as arbitrage trades, with the result being elevated volume, particularly in the last hour of trading.
Today's Economic Calendar
9:45 PMI Composite Flash
1:00 PM Baker-Hughes Rig Count
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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