Tech sell off

Outlook 05/08: U.S. stock futures slide Wednesday as tech shares sell off. Several big-name technology names declined in premarket trading, driving the early morning selloff. Uber shares fell more than 8.5% after the company posted a surprising net loss and weaker-than-expected bookings revenue, while Intel lost more than 2.5% after the chipmaker lowered its second-quarter revenue guidance. Tesla dipped 4%. Traders will also watch for economic data on wholesale inventories. Federal Reserve officials including Vice Chair Philip Jefferson, Boston Fed President Susan Collins and Fed Governor Lisa Cook are all expected to give remarks throughout the day.

/ESM24 (JUN 2024): YVAH 5221 YPOC 5215 YVAL 5210 GAP 5215

/ES Plan: Yesterday market closed balanced, but overnight looks more bearish, moving below previous value/range, so these're the opening and initial balance options for today:

A) If market moves above HVE 5196  with bullish internals, buy towards YVAL 5210 GAP 5215 YVAH 5221 and YHOD 5227.

B) If market moves below HVE 5196 with bearish internals, sell towards ONL 5188 HVEs 5180-5167 GAP 4161 and HVE 5155.

Note: Overnight inventory is bearish. The expected action is a counter-auction; failure to see the counter-auction would be an indication of potential bearish trend day. Market opens below value and if it begins to trade within value, VAR comes into play.

Market Movers

10:00 Wholesale Inventories

10:30 EIA Petroleum Inventories

11:00 Fed’s Jefferson Speech

11:45 Fed's Collins Speech

1:00 PM 10-Year Note Auction

1:30 PM Fed’s Cook Speech 

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