Jobless Claims

Outlook 09/24: U.S. stock futures pointed to a lower open, with losses accelerating after higher than expected initial jobless claims. Federal Reserve Chairman Jerome Powell wraps up his third straight day on Capitol Hill, appearing Thursday morning along with Treasury Secretary Steven Mnuchin before the Senate Banking Committee for an update on the $2.2 trillion March coronavirus relief package. Powell has been telling lawmakers this week that the Fed stands ready to keep supporting the economy with monetary policy but Capitol Hill needs to do its part on the fiscal side. 

/ESZ20 Value: YVAH 3293 YPOC 3232 YVAL 3221 GAP 3231.75

/ES Plan: Yesterday market closed bearish, and overnight continues on that way, moving below yesterday's value, so these are the initial balance options for today's opening:

A) If market remains below LIS HVE 3207 with bearish internals, sell towards GAP 3183 and HVEs 3159-3133.

B) If market moves above LIS HVE 3207 with bullish internals, buy towards HVE-GAP  3232 and ONH 3239.25 

Note: Overnight inventory is 100% bearish. The expected action is a counter-auction relative to overnight inventory; failure to see the counter-auction would be an indication of potential trend day.

Market Movers

10:00 New Home Sales

10:00 Powell Testimony

10:30 EIA Natural Gas Inventory

11:00 Kansas City Fed Mfg Survey

12:00 PM Fed's Bullard Speech

1:00 PM 7-Year Note Auction

1:00 PM Fed's Evans Speech

1:00 PM Fed's Barkin Speech

2:00 PM Fed's Bostic Speech

2:00 PM Fed's Barkin Speech

2:00 PM Fed's Williams Speech

4:30 PM Money Supply

4:30 PM Fed Balance Sheet

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