Outlook 06/25: U.S. stock index futures were under pressure again on Thursday following the release of disappointing unemployment data while traders grappled with a rising number of coronavirus cases. An additional 1.48 million Americans filed for unemployment benefits last week, the Labor Department said. Economists polled by Dow Jones expected a print of 1.35 million. This marks the second straight week that U.S. jobless claims data were worse than expected.
/ESU20 Value: YVAH 3071 YPOC 3045 YVAL 3019 GAP 3050.50
/ES Plan: Yesterday market closed bearish (PBT 2963), 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 3025 with bullish internals, buy towards GAP 3050.50 ONH 3056.50 and HVE 3062.
B) If market moves below LIS HVE 3025 with bearish internals, sell towards ONH 3005 HVE 2995 and HVE-PBT 2963.
Note: Overnight inventory is bullish but market opens within previous value area, a signal of balanced market. Trading from responsive versus initiative would be preferred, so don't be 'too anxious' to trade early. If we're within value we want to have some patience until market breaks.
Market Movers
9:30 Fed's Kaplan Speech
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
11:00 Fed's Bostic Speech
12:00 PM Fed's Mester Speech
1:00 PM 7-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
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