Outlook 06/10: President Trump's decision to suspend planned tariffs against Mexico is driving a 0.4% advance for U.S. equity futures ahead of the open. Stock gains were capped, however, as uncertainty remained if Mexico will enforce the deal that intends to stem the flow of illegal Central American migrants into the U.S. On Friday, market closed its best week since November on hopes that the Fed would move to slash interest rates (nonfarm payrolls came in at just 75,000 in May, far below the consensus forecast of 180,000).
/ESM19 Value: YVAH 2883 YPOC 2879 YVAL 2865 GAP 2875.25
/ES Plan: On Friday market closed bullish and overnight continues on that way, moving above Friday's range, so today's options:
A) If market remains above LIS HVE YVAH 2883 with bullish internals, buy towards HVE 2889 ONH 2898 and HVEs 2900-2907-2918.
B) If market starts to move below 2883 with bearish internals, sell towards ONL 2880.50 GAP 2875.25 LVN 2867 and HVE 2857.
Tips: Overnight inventory is bullish. The expected action is a counter-auction relative to overnight inventory; failure to see the counter-auction would be an indication of a potential trend day. Keep in mind that we're on the rollover week, so volume from June contract starts to dries up towards September contract. (Pace of the Roll now is 5%).
Today's Economic Calendar
10:00 Job Openings and Labor Turnover Survey
12:30 PM TD Ameritrade IMX
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