Outlook 06/18: U.S. stock futures are pointing to a decline at Thursday's open, trimming steeper overnight losses, after a top Chinese disease expert said the latest outbreak of coronavirus cases in Beijing is under control. Weekly jobless claims stayed above 1 million for the 13th consecutive week as the coronavirus pandemic continued to hammer at the U.S. economy. The elevated claims number persists and this was the 13th straight week that claims have totaled above 1 million.
/ESU20 Value: YVAH 3127 YPOC 3115 YVAL 3104 GAP 3106.75
/ES Plan: Last session market closed balanced, but overnight looks slight bearish, still moving below yesterday's value, so these are the initial balance options for today's opening:
A) If market remains below LIS HVE 3090 with bearish internals, sell towards ONL 3064.50 GAP 3062 and HVE 3025.
B) If market moves above LIS HVE 3090 with bullish internals, buy towards HVE 3116 ONH 3120 and HVE 3133-3160.
Note: Overnight inventory is balanced, so don't be 'too anxious' to trade early. Keep in mind that market's still under the quadruple expiration effect. Be cautious and reduce your size/risk.
Market Movers
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
11:00 Fed's Kashkari Speech
12:15 PM Fed's Mester Speech
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
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