Outlook 05/14: Stock futures moved lower following jobless claims numbers. New claims for unemployment insurance totaled 2.981 million last week. That brings the rolling total during the coronavirus crisis to 36.5 million, though the weekly tally has declined for six straight weeks. While the numbers have been declining since the March 28 peak, joblessness remains pervasive through the U.S. even as states continue to come back online slowly following the economic shutdown.
/ESM20 Value: YVAH 2845 YPOC 2809 YVAL 2786 GAP 2812.50
/ES Plan: Yesterday market closed bearish (PBT 2744), and overnight continues on that way, moving below yesterday's value, so these are the initial balance options for today's opening:
A) If market remains below LIS HVE 2789 with bearish internals, sell towards ONL 2877 HVE 2875 LVN 2760 and LVN-PBT 2744.
B) If market moves above LIS HVE 2789 with bullish internals, buy towards HVEs 2797-2808 GAP 2812.50 HVE 2820 and ONH 2825.
Note: Overnight inventory is 90% bearish. 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
10:30 EIA Natural Gas Inventory
01:00 PM Fed's Kashkari Speech
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
Questions via @verniman direct message (RTH) or email (After Close).
Follow alerts using TweetDeck. Primary twitter language is English.
No unauthorized reproduction of this service without permission.
