Outlook 09/02: U.S. stock futures were powering higher Wednesday after the SP500 closed at record highs. Apple and Walmart were big winners, and both are up again in Wednesday's premarket. For the year, as of Tuesday's close, the SP500 was up 9%. Private payroll growth came in well below expectations for August, according to a report Wednesday from ADP, whose job tallies have differed widely from government data during the coronavirus pandemic. U.S. companies added 428,000 jobs in August. ADP said last month that July private-sector jobs grew only 212,000, a fraction of what was expected.
/ESU20 Value: YVAH 3518 YPOC 3510 YVAL 3502 GAP 3526.75
/ES Plan: Last session market closed balanced, but overnight looks more bullish (PBT 3566), moving above yesterday's range, so these are the initial balance options for today's opening:
A) If market remains above LIS 3545 with bullish internals, buy towards ONH-ATH 3556.25 and PBT 3566.
B) If market moves below LIS 3545 with bearish internals, sell towards ONL-GAP 3526.25 and YPOC-HVE 3510.
Note: Remember that record high has been printed overnight, so it's still pending to be revisited at regular trading hours. 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 Factory Orders
10:00 Fed's Williams Speech
10:30 EIA Petroleum Inventories
12:00 PM Fed's Mester Speech
02:00 PM Fed's Beige Book
03:00 PM Fed's Kashkari Speech
06:00 PM Fed's Daly Speech
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