Outlook 05/26: U.S. stock index futures soared 2% overnight, suggesting the SP500 will open above its 200-day moving average as trading resumes after Memorial Day. A quarter of the NYSE's usual population of traders will be back on the floor today as the exchange reopens following a two-month closure prompted by the COVID-19 pandemic. Traders who return must wear masks, avoid taking public transportation and follow social-distancing rules, with newly erected Plexiglas barriers to help them stay apart. Liability waivers must also be signed that prevent them from suing the NYSE if they get infected at the exchange. Splashy bell ringings and IPO celebrations will remain absent.
/ESM20 Value: YVAH 2950 YPOC 2940 YVAL 2930 GAP 2989.50
/ES Plan: Last session market closed bullish, and overnight continues on that way (PBT 3066), moving above last session value, so these are the initial balance options for today's opening:
A) If market remains above LIS ON-VAH 3014 with bullish internals, buy towards HVEs 3025-3062 and PBT 3066.
B) If market moves below LIS 3014 with bearish internals, sell towards HVEs 2995-2980-2963 and ONL 2947.50
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 Consumer Confidence
10:00 New Home Sales
10:30 Dallas Fed Manufacturing Survey
11:00 Survey of Business Uncertainty
01:00 PM 2-Year Note Auction
01:00 PM Fed's Kashkari Speech
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