Outlook 06/12: U.S. stock futures rebounded Friday, a day after the worst market drop since March which came on fears a resurgence in coronavirus cases. Thursday’s losses came after data compiled by Johns Hopkins University showed the number of new coronavirus cases has risen in states like Arizona, South Carolina and Texas as they continue their reopening process. Arizona cases have nearly doubled since Memorial Day. Overall, more than 2 million coronavirus cases have been confirmed in the U.S. along with over 100,000 deaths.
/ESM20 Value: YVAH 3125 YPOC 3104 YVAL 3017 GAP 3011.75
/ES Plan: Last session market closed bearish, but overnight offers a bullish reversal, still moving within yesterday's value, so these are the initial balance options for today's opening:
A) If market moves above LIS HVE 3062 with bullish internals, buy towards HVE 3090-3115-3133-3160-3177.
B) If market moves below LIS 3062 with bearish internals, sell towards HVE 3025-2995-2980-2963 GAP 2953.
Note: Rollover Day. Pace of the Roll now is near 50% so I'll start trading /ESU20 after the NYSE opening bell. Usually rollover days like today show big divergences between Stocks vs. Futures, so setups that usually work well, may fail completely. Be selective. Avoid overtrading.
Market Movers
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
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