Outlook 04/23: U.S. stock futures pointed to bullish open, after The Labor Department reported that the number of Americans applying for state unemployment benefits totaled 4.427 million last week. Combined with the prior four jobless claims reports, the number of Americans who’ve filed for unemployment over the last five weeks is 26.45 million. That number exceeds the 22.442 million jobs added since 2008 crisis.
/ESM20 Value: YVAH 2794 YPOC 2783 YVAL 2763 GAP 2787.50
/ES Plan: Yesterday market closed bullish (PBT 2848), but overnight looks more balanced, moving above yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS LVN 2800 with bullish internals, buy towards ONH 2807 HVEs 2820-2841 and PBT 2848.
B) If market moves below LIS 2800 with bearish internals, sell towards GAP 2787.50 ONL 2772.75 and LVNs 2760-2744.
Note: Overnight inventory looks balanced so don't be 'too anxious' to trade early in the morning. If we're within a balanced range we want to have some patience until market bias is defined.
Market Movers
09:45 PMI Composite Flash
10:00 New Home Sales
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
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