Outlook 06/01: U.S. stock futures pointed to slight losses to begin June trading on Wall Street after consecutive monthly gains. Nothing that has happened since the market closed on Friday has been market positive. When you think about clearly we’re beginning to take U.S.-China tensions seriously and you add on to that the massive amount of disruption going on in almost every major city in the country right now, none of that could be seen as market positive. States continue to reopen their economies after the coronavirus pandemic forced the country to shutter nonessential businesses. The reopening is now taking place amid widespread protests across the U.S. over police brutality.
/ESM20 Value: YVAH 3031 YPOC 3012 YVAL 3004 GAP 3054.25
/ES Plan: Last session market closed bullish, but overnight looks slight bearish, moving a few ticks above Friday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS YVAH 3031 with bullish internals, buy towards GAP 3054 ONH 3055.25 HVE 3062 and PBT 3068.
B) If market moves below LIS YVAH 3031 with bearish internals, sell towards HVE 3025 ONL 3008 and HVEs 2995-2980-2963.
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. If the market begins to trade within the value area and volume increases at lows, it would be recommended to exit long positions.
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