Outlook 06/08: U.S. stock futures point to a higher open, building on the previous week’s sharp gains on optimism over the economy reopening. This reopening of the economy has seen financials, industrials, energy and real-estate stocks rallying and investors will continue to rotate funds into sectors such as these for a few more months. A weekend agreement by OPEC+ to an extension of output cuts saw oil climb to over $40 overnight, while investors get ready for Tuesday's kickoff of the Fed's June policy meeting. The Fed is expected to reiterate its commitment to unlimited asset purchases to keep markets functioning.
/ESM20 Value: YVAH 3205 YPOC 3198 YVAL 3175 GAP 3187
/ES Plan: Last session market closed bullish (PBT 3290), and overnight continues on that way, moving above Friday's value, so these are the initial balance options for today's opening:
A) If market moves above LIS YVAH 3205 with bullish internals, buy towards ONH 3211.40 and HVEs 3212-3221.
B) If market moves below LIS YVAH 3205 with bearish internals, sell towards GAP 3187 ONL 3183.25 and YVAL 3175.
Note: When the market opens above the value area and remains above the value area high on the subsequent tests, it is a clearly bullish signal. But, if the market begins to trade within the value area and volume increases at lows, Value Area Rule (VAR) comes into play.
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