Outlook 06/02: U.S. stock futures point to a bullish open as Dr. Anthony Fauci expressed renewed "optimism" about a coronavirus vaccine. On the economic calendar, the ADP Employment Report today gave a fresh read on the extent of the COVID-19 pandemic. Private payrolls fell by 2.76 million in May, according to a report Wednesday from ADP. The total comes on top of a plunge of 19.6 million in April, the worst in the survey’s history. Economists had been looking for a decline of 8.75 million. The reason for the wide disparity was not immediately clear.
/ESM20 Value: YVAH 3068 YPOC 3062 YVAL 3053 GAP 3076.50
/ES Plan: Yesterday market closed bullish, and overnight continues on that way, moving above Yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS HVE 3091 with bullish internals, buy towards ONH 3098.75 HVE-PBT 3100 and HVE 3116.
B) If market moves below LIS HVE 3091 with bearish internals, sell towards GAP 3076.50 ONL 3074.25 and YVAH 3068.
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
09:45 PMI Services Index
10:00 ISM Non-Manufacturing Index
10:00 Factory Orders
10:30 EIA Petroleum Inventories
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