Outlook 09/10: U.S. stock futures are pausing for breath, with SP500 nominally higher, after market snapped its tech losing streak on Wednesday. Tesla shares rebounded nearly 11% after suffering their biggest one-day percentage drop in history, while Apple gained 4% to bring its market cap back to $2T. On the economic calendar was the release of jobless claims (884K-est 850K), as Congress remains deadlocked over Covid stimulus package. While Senate Republicans have united around a "skinny" bill, Democrats oppose the measure, and it isn't expected to clear its first procedural hurdle in the Senate today.
/ESU20 Value: YVAH 3424 YPOC 3399 YVAL 3380 GAP 3401
/ES Plan: Yesterday market closed bullish (PBT 3498), but overnight looks more balanced, moving within Yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS YPOC-HVE 3399 with bullish internals, buy towards YVAH 3424 HVE 3449 and PBT 3498.
B) If market moves below LIS YPOC-HVE 3399 with bearish internals, sell towards ONL 3374.75 HVE 3359 and GAP 3336.
Note: Rollover begins. Pace of the Roll is around 60%. I'm quoting /ESH23 (Mar 2023). Usually rollover days show big divergences between Stocks vs. Futures, so try to play these days on defensive mode. Setups that usually work well, may fail completely.
Market Movers
10:00 Wholesale Inventories
10:30 EIA Natural Gas Inventory
11:00 EIA Petroleum Inventories
01:00 PM 30-Year Note Auction
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
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