Outlook 12/08: U.S. stock futures fell early Tuesday as traders kept an eye on negotiations for additional fiscal stimulus while the U.S. coronavirus caseload continues to rise. Republican and Democratic leaders said Monday that Congress is trying to extend government funding for an additional week to try and strike a deal on new Covid-19 aid. The news came after a bipartisan group of senators unveiled a $908 billion stimulus proposal last week.
/ESZ20 Value: YVAH 3695 YPOC 3692 YVAL 3683 GAP 3689.75
/ES Plan: Last session market closed bullish (PBT 3712), but overnight looks more balanced, moving below yesterday's value, so these are the initial balance options for today's opening:
A) If market remains below LIS 3677 with bearish internals, sell towards HVE 3669 ONL 3664.25 HVEs 3656-39 and GAP 3626.
B) If market moves above LIS 3677 with bullish internals, buy towards YVAL 3683 ONH 3687.50 GAP 3689.75 and YVAH 3695.
Note: Market opens below previous value area and if it remains below value, it is a clearly bearish signal. But, if market begins to trade within value with volume increasing, 'value area rule' comes into play. Remember that new record high has been printed overnight, so it's still pending to be revisited at regular trading hours.
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