Outlook 05/19: Stock futures were little changed on Tuesday after the market scored its best session in six weeks a day earlier on rising optimism about a coronavirus vaccine. Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin will testify virtually before the Senate Committee on Banking, Housing, and Urban Affairs in the first required update to Congress on the economic response to the coronavirus pandemic. Powell is expected to reiterate the central bank’s commitment to using its “full range of tools” aimed at keeping markets functioning and getting money to those in need.
/ESM20 Value: YVAH 2964 YPOC 2946 YVAL 2930 GAP 2947.25
/ES Plan: Yesterday market closed bullish, but overnight looks more bearish (PBT 2907), moving within yesterday's value, so these are the initial balance options for today's opening:
A) If market moves above LIS HVE 2937 with bullish internals, buy towards GAP 2947 LVN 2951 HVE 2963 ONH 2976.25 and HVE 2980.
B) If market moves below LIS 2937 with bearish internals, sell towards ONL 2930.75 HVEs 2918-2907-2889 LVN 2880 and HVEs 2867-2857.
Note: Overnight looks balanced, moving within yesterday's value, so don't be 'too anxious' to trade early in the morning. If we're within a value range we want to have some patience until market breaks value.
Market Movers
10:00 E-Commerce Retail Sales
10:00 Jerome Powell Speech
02:00 Fed's Rosengren Speech
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