Outlook 06/21: U.S. stock index futures wavered overnight, after a major session for Wall Street yesterday that saw the SP500 surge almost 1% to its first record close since April. Iran is as good excuse as any for the slight pullback this morning, with reports suggesting President Trump ordered, and then rescinded, an airstrike on military installations in the Islamic Republic. Oil prices are adding to yesterday's massive 6% jump as WTI tops $57 a barrel, while gold dips 0.3% after spiking above $1,400 per ounce to prices not seen in six years.
/ESU19 Value: YVAH 2962 YPOC 2959 YVAL 2950 GAP 2960.75
/ES Plan: Yesterday market closed bullish (PBT 2985) but overnight looks more balanced, moving within yesterday's value, so these're the options:
A) If market remains above YVAL 2950 with bullish internals, buy towards GAP 2960.75 ATH 2964.50 and PBT 2985.
B) If market starts to move below 2950 with bearish internals, sell towards HVEs 2947-2943-2936 and GAP 2833.25
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, which tends to stir up bursts of trading volume. Be cautious and reduce your risk/size.
Today's Economic Calendar
09:45 PMI Composite Flash
10:00 Existing Home Sales
12:00 PM Fed's Brainard Speech
12:00 PM Fed's Mester Speech
12:30 PM Fed's Maly Speech
01:00 PM Baker-Hughes Rig Count
Questions via @verniman direct message (RTH) or email (After Close).
Glossary of terms
