Outlook 04/16: U.S. stock futures pointed to a slight gain at the market open. as jobless claims total 5.245 million as 22 million positions have been lost in a month due to coronavirus. That was a drop of 1.37 million from a week ago but was above estimates for 5 million. Numbers not adjusted for seasonal factors showed a decline of 20%. There was some good in the data when looking at the numbers not adjusted for seasonal factors, which some economists say is unnecessary given the current unusual conditions.
/ESM20 Value: YVAH 2781 YPOC 2773 YVAL 2756 GAP 2774.25
/ES Plan: Yesterday market closed bearish (PBT 2700), but overnight looks more bullish (PBT 2830), moving above yesterday's value, so these're the options for today:
A) If market remains above LIS 2789 with bullish internals, buy towards LVN 2800 ONH 2806.25 HVE 2820 and HVE 2845.
A) If market moves below LIS 2789 with bearish internals, sell towards HVE-GAP 2775 LVN 2760 ONL 2746 and LVN 2744.
Note: Overnight inventory looks mixed so don't be 'too anxious' to trade early in the morning. We've to wait until market bias is defined.
Market Movers
10:30 EIA Natural Gas Inventory
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
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