Outlook 05/21: Stock futures pointed to a balanced opening after jobless claims data. Unemployment insurance totaled 2.44 million last week as the tail effects of the coronavirus shutdown continued to impact the U.S. jobs market. That brings the total filings during the coronavirus pandemic to 38.6 million. However, the total has fallen for seven straight weeks from its record peak.
/ESM20 Value: YVAH 2972 YPOC 2967 YVAL 2958 GAP 2968
/ES Plan: Yesterday market closed bullish (PBT 3025), but overnight looks more balanced, moving a few ticks above yesterday's value, so these are the initial balance options for today's opening:
A) If market moves above LIS YVAL 2958 with bullish internals, buy towards GAP 2968 ONH 2973.50 HVE 2980-2995 and GAP 3016.
B) If market moves below LIS YVAL 2958 with bearish internals, sell towards LVN 2950 ONL 2941.50 HVE 2937 and GAP 2918.
Market Movers
9:45 PMI Composite Flash
10:00 Fed's Williams Speech
10:00 Existing Home Sales
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
01:00 PM Fed’s Clarida Speech
02:30 PM Jerome Powell Speech
02:30 PM Fed’s Brainard Speech
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
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