Outlook 06/09: U.S. stock futures have pulled back, falling 1% overnight ahead of the Fed's latest two-day policy meeting. Traders are reassessing the current state of the market after the SP500 wiped out all of its 2020 losses on Monday. It took just 53 sessions for the index to restore $10T in value that was erased since an intraday low on March 23. The move may be warranted, especially after May's blowout jobs report, unprecedented stimulus and economy reopenings, but many are reviewing positions and looking for the next big catalyst.
/ESM20 Value: YVAH 3212 YPOC 3206 YVAL 3190 GAP 3226.75
/ES Plan: Last session market closed balanced, but overnight looks slight bearish, moving within yesterday's value, so these are the initial balance options for today's opening:
A) If market remains below LIS YPOC 3206 with bearish internals, sell towards ONL 3190 GAP 3190 and HVEs 3177-3160.
B) If market moves above LIS 3206 with bullish internals, buy towards YVAH 3212 HVE 3221 GAP 3226.75 and ONH 3231.
Note: When the market opens within previous value area it is showing signs of a balanced market. Trading from responsive versus initiative would be preferred. Yesterday action shows VIX rising but volume decreasing, that's a signal of possible consolidation (Balance Day).
Market Movers
10:00 Job Openings and Labor Turnover Survey
10:00 Wholesale Trade
01:00 PM 10-Year Note Auction
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