Outlook 09/22: U.S. stock futures largely hugged the flatline, after global stocks hit the skids on Monday. There's quite a lot of nerves about the economic recovery amid a new set of lockdown restrictions in Europe, while Fed Chair Jay Powell kicks off a three-day testimony before Congress. "Many economic indicators show marked improvement," the Fed Chair said in prepared remarks. "Both employment and overall economic activity, however, remain well below their pre-pandemic levels, and the path ahead continues to be highly uncertain. The path forward will depend on keeping the virus under control, and on policy actions taken at all levels of government."
/ESZ20 Value: YVAH 3256 YPOC 3238 YVAL 3223 GAP 3274.75
/ES Plan: Yesterday market closed neutral, and overnight continues on that way, moving above yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS HVE 3279 with bullish internals, buy towards ONH 3289.50 HVE 3299 and GAP 3317.25
B) If market moves below LIS HVE 3279 with bearish internals, sell towards ONL 3256.50 HVEs 3231-3207 and GAP 3183.
Note: Market opens above previous value area and if it remains above value, it is a clearly bullish signal. But, if market begins to trade within value witn volume increasing, Value Area Rule comes into play.
Market Movers
10:00 Existing Home Sales
10:00 Fed's Evans Speech
10:00 Richmond Fed Mfg.
10:30 Fed's Powell Testimony
12:00 PM Fed's Barkin Speech
01:00 PM 2-Year Note Auction
03:00 PM Fed's Bostic Speech
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