Outlook 05/20: Stock futures pointed to a solid opening for the market on Wednesday morning. Investors continue to watch how the reopening of states is going and so far there doesn’t appear to be major spikes in the virus. Oil continued to trade higher on Wednesday as traders bet on more driving activity. Keep an eye out today for minutes from the FOMC last meeting, when it kept rates near zero.
/ESM20 Value: YVAH 2953 YPOC 2950 YVAL 2937 GAP 2918
/ES Plan: Yesterday market closed bearish, but overnight looks more bullish (PBT 2993), moving within yesterday's value, so these are the initial balance options for today's opening:
A) If market moves above LIS YPOC 2949 with bullish internals, buy towards ONH 2957.25 HVE 2963-2980 and PBT 2993.
B) If market moves below LIS YPOC 2949 with bearish internals, sell towards HVE 2937 HVE-GAP 2918 and ONL 2908.50.
Note: Overnight inventory is 100% 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.
Market Movers
10:00 Quarterly Services Report (Advance)
10:30 EIA Petroleum Inventories
01:00 PM 20-Year Bond Auction
02:00 PM FOMC minutes
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