Outlook 01/29: U.S. stock futures are set to rebound from worst drop week in 3 months. Ahead of Friday’s trading, the Dow was nearly 2% away from its closing record high earlier this month. Democrats on Capitol Hill and the White House rejected a Republican pitch to split President Joe Biden’s $1.9 trillion coronavirus rescue plan into smaller chunks.
/ESH21 Value: YVAH 3823 YPOC 3804 YVAL 3775 GAP 3781
/ES Plan: Last session market closed bearish, but overnight looks more bullish, moving below previous value, so these are the initial balance options for today:
A) If market moves above LIS HVE 3754 with bullish internals, buy towards YVAL 3775 GAP 3781 YPOC 3804 and YVAH 3823.
B) If market moves below LIS HVE 3754 with bearish internals, sell towards HVEs 3740-3724 GAP 3716 and ONL 3703.50
Note: On these high volatility days (VIX>30), your first trading rule is 'manage your risk'. Regardless of how much money you could made, you do realize that you just can not manage risk on this enviroment.
Market Movers
9:45 Chicago PMI
10:00 Pending Home Sales
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
1:00 PM Fed's Kaplan Speech
3:00 PM Farm Prices
4:00 PM Fed's Kaplan Speech
5:25 PM Fed's Kaplan Speech
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