Outlook 05/12: U.S. stock futures were slightly higher in early morning trading on Tuesday as investors evaluated the latest attempts to reopen the economy. Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, and other health officials will testify before the Senate Health Committee at 10 am ET to discuss reopening the economy. Fauci will say that reopening too quickly by states will cause “needless suffering and death”.
/ESM20 Value: YVAH 2942 YPOC 2931 YVAL 2907 GAP 2923.50
/ES Plan: Yesterday market closed balanced bimodal, but overnight looks slight bullish, still moving within yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS YPOC 2931 with bullish internals, buy towards HVE-ONH 2937 LVN 2951 and HVE 2960.
B) If market moves below LIS 2931 with bearish internals, sell towards GAP 2923.50 HVEs 2918-2907 and ONL 2894.50.
Note: Overnight looks bimodal, without a clear value as reference, so don't be 'too anxious' to trade early in the morning. We need to have some patience until market find value.
Market Movers
10:00 Fed's Harker Speech
10:00 Randal Quarles to testify before the Senate Banking Committee
01:00 PM 10-Year Note Auction
02:00 PM Treasury Budget
05:00 PM Fed's Mester Speech
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