Outlook 06/04: U.S. stock futures turned lower again after weekly jobless claims came in higher than expected. The Labor Department said 1.877 million Americans filed for unemployment benefits last week, topping a Dow Jones estimate of 1.775 million. Continuing jobless claims rose sharply, nearly reaching 21.5 million. Futures had trimmed some earlier losses after the European Central Bank announced a ramp-up of its pandemic bond buying to $1.5 trillion. The ECB’s stimulus measures come as the Federal Reserve and other central banks around the world take action to curb the economic blow from the coronavirus pandemic.
/ESM20 Value: YVAH 3121 YPOC 3112 YVAL 3098 GAP 3117.50
/ES Plan: Yesterday market closed bullish, but overnight looks more balanced, moving within Yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS HVE-YVAL 3098 with bullish internals, buy towards GAP 3117.50 YVAH-HVE 3121 and ONH 3126.75.
B) If market moves below LIS HVE-YVAL 3098 with bearish internals, sell towards ONL 3094.25 HVE 3091 GAP 3076 and HVE 3062.
Note: When the market opens within previous value area it's a sign of a balanced market. Trading from responsive versus initiative would be preferred so traders prefer to fade the extremes of the value area. Internals should be neutral or not in trending mode.
Market Movers
10:30 EIA Natural Gas Inventory
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
Questions via @verniman direct message (RTH) or email (After Close).
Follow alerts using TweetDeck. Primary twitter language is English.
No unauthorized reproduction of this service without permission.
