Outlook 05/18: Stock futures tied to the major U.S. stock indexes rose sharply Monday, rebounding from losses last week, as news from a Moderna trial stoked optimism about a potential coronavirus vaccine. Comments from the Federal Reserve chief also added to the bullish sentiment. Federal Reserve Chairman Jerome Powell said to CBS’ “60 Minutes” that “there’s a lot more we can do” to help the economy. “We’ve done what we can as we go. But I will say that we’re not out of ammunition by a long shot. No, there’s really no limit to what we can do with these lending programs that we have.”
/ESM20 Value: YVAH 2857 YPOC 2846 YVAL 2827 GAP 2846.50
/ES Plan: Last session market closed bullish, and overnight looks on 'rally mode', so these are the initial balance options for today's opening:
A) If market remains above LIS HVE 2918 with bullish internals, buy towards ONH 2833 HVE 2937 LVN 2951 and HVEs 2960-2980.
B) If market moves below LIS 2918 with bearish internals, sell towards HVEs 2907-2889 LVN 2880 HVEs 2867-2857 and GAP 2846.
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.
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10:00 NAHB Housing Market Index
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