Outlook 06/15: U.S. stock futures rose sharply early Tuesday, pointing to further gains after retail sales surge 17.7% in the biggest monthly jump ever, more than double the estimate of 8% and reversing a 16.4% plunge from a month ago. Fed Chairman Jerome Powell is set to speak before Congress on Tuesday and Wednesday in his semi-annual economic testimony with his appearance before the Senate coming first.
/ESU20 Value: YVAH 3068 YPOC 3057 YVAL 2982 GAP 3062
/ES Plan: Last session market closed bullish (PBT 3189), and overnight continues on that way, moving above yesterday's range, so these are the initial balance options for today's opening:
A) If market remains above LIS HVE 3133 with bullish internals, buy towards HVE 3160-3177-3189-3207 and GAP 3226.
B) If market moves below LIS 3133 with bearish internals, sell towards HVEs 3115-3090 GAP 3062 and ONL 3060.25.
Note: Overnight inventory is 100% bullish. The expected action is a counter-auction relative to overnight inventory; failure to see the counter-auction would be an indication of a potential trend day.
Market Movers
10:00 NAHB Housing Market Index
10:00 Business Inventories
10:00 Powell Testifies on Semi-Annual Monetary Policy
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