Outlook 06/22: U.S. stock index futures are pointing to another solid session at the open, climbing more than 1% in overnight trade, following their fourth weekly gain in five weeks. The U.S. reported more than 30K additional coronavirus cases on Friday, the highest number of confirmed one-day infections since May 1, while Nevada, Florida, California and Arizona reported record-high single-day infections. Investors don't seem to care given the unlikelihood of returning to lockdowns, or sentiment that downstream health effects would be worse if a shutdown was imposed, while continued waves are likely to follow every lockdown until herd immunity is reached or a vaccine is found.
/ESU20 Value: YVAH 3123 YPOC 3089 YVAL 3071 GAP 3060.50
/ES Plan: Last session market closed bearish (PBT 3033), but Sunday's reopening filled that bearish imbalance and reversed to the upside, moving inside friday's value, so these're the options for today:
A) If market remains above LIS HVE 3075 with bullish internals, buy towards HVE 3090 ONH 3096.75 and HVEs 3099-3116-3133.
B) If market moves below LIS HVE 3075 with bearish internals, sell towards HVE 3062 GAP 3060.50 ONL 3027.25 and HVE 3025.
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
10:00 Existing Home Sales
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