Outlook 05/14: Stock futures fell on Friday on the back of a record plunge in U.S. retail sales and rising trade tensions between China and the U.S. U.S. monthly retail sales fell by 16.4% in April, a record. Trump administration has moved to block semiconductor shipments to Chinese company Huawei. Meanwhile, Hu Xijin, editor of Global Times, tweeted on Friday that China would “restrict or investigate” U.S. companies including Qualcomm, Cisco Systems and Apple if the U.S. takes further action to block Huawei’s supply chain.
/ESM20 Value: YVAH 2823 YPOC 2810 YVAL 2775 GAP 2846.75
/ES Plan: Yesterday market closed balanced, but overnight looks more bearish, moving within yesterday's value, so these are the initial balance options for today's opening:
A) If market remains below LIS HVE 2820 with bearish internals, sell towards ONL 2810.75 HVEs 2802-2789-2775 and LVN 2760.
B) If market moves above LIS HVE 2820 with bullish internals, buy towards HVE 2841 GAP 2846.75 HVE 2857 and ONH 2863.50.
Note: Overnight inventory is bimodal bearish, without a clear value as reference, so don't be 'too anxious' to trade early in the morning. We need to have some patience until market find value.
Market Movers
10:00 Business Inventories
10:00 Consumer Sentiment
10:00 Job Openings and Labor Turnover Survey
01:00 PM Baker-Hughes Rig Count
04:00 PM Treasury International Capital
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