Outlook 05/13: Stock futures give up gains after Powell sees ‘significant downside risks’. Fed Chairman Jerome Powell said more measures likely will be needed to pull the economy out of its current downturn. He did not specify what those measures will be, but pointed to the likely need for more fiscal support from Congress. “While the economic response has been both timely and appropriately large, it may not be the final chapter,” the central bank chief said in prepared remarks.
/ESM20 Value: YVAH 2931 YPOC 2920 YVAL 2899 GAP 2852.75
/ES Plan: Yesterday market closed balanced bearish, but overnight looks more balanced, still moving within yesterday's value, so these are the initial balance options for today's opening:
A) If market moves above LIS HVE 2857 with bullish internals, buy towards HVE 2867 ONH 2876.75 LVN 2880 and HVE 2889.
B) If market moves below LIS 2857 with bearish internals, sell towards GAP 2852.75 HVE 2845 ONL 2825.25 and HVE 2820.
Note: Overnight looks balanced, moving within value, so don't be 'too anxious' to trade early in the morning. We need to have some patience until market breaks this balance.
Market Movers
09:00 Jerome Powell Speech
10:00 Atlanta Fed's Business Inflation Expectations
10:30 EIA Petroleum Inventories
01:00 PM 30-Year Note Auction
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