Outlook 05/27: U.S. stock index futures point to gains of more than 1% at the open. Stocks surged yesterday on optimism about economies reopening and the potential development of a coronavirus vaccine, while sentiment also got a boost from the reopening of the NYSE's famed trading floor. Senate Majority Leader Mitch McConnell further said Congress will "probably" have to pass another coronavirus relief bill and will decide whether to do so in the coming weeks. The Treasury Department could impose controls on transactions and freeze assets of Chinese officials and businesses for implementing a new national security law that brings into question "one country, two systems."
/ESM20 Value: YVAH 3014 YPOC 3008 YVAL 2999 GAP 2994.50
/ES Plan: Last session market closed bullish (PBT 3068), and overnight continues on that way (PBT 3072), moving above yesterday's range, so these are the initial balance options for today's opening:
A) If market moves above LIS YHOD 3020 with bullish internals, buy towards HVE 3025 ONH 3035 and PBTs 3068-3072.
B) If market moves below LIS 3020 with bearish internals, sell towards HVE-GAP 2995 ONL 2983.25 and HVEs 2980-63.
Note: Overnight inventory is 95% 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 Richmond Fed Mfg.
10:00 State Street Investor Confidence Index
11:00 Survey of Business Uncertainty
11:30 2-Year FRN Auction
12:30 PM Fed's Bullard Speech
01:00 PM 5-Year Note Auction
02:00 PM Fed's Beige Book
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