Outlook 01/13: U.S. stock futures fall as bank shares decline on recession fears. JPMorgan Chase posted revenue that beat expectations, but the bank warned it was setting aside more money to cover credit losses because a "mild recession" is its "central case." Wells Fargo shares fell 2% after the bank reported its quarterly figures. Bank of America also fell 2% premarket despite reporting better-than-expected earnings for the fourth quarter.
/ESH23 (Mar 2023): YVAH 4010 YPOC 3989 YVAL 3985 GAP 4004.50
/ES Plan: Yesterday market closed balanced, but overnight looks more bearish, moving below previous value, so these're the opening and initial balance options for today:
A) If market moves above HVE 3960 with bullish internals, buy towards HVE 3979 YVAL 3985 GAP 4004 and YVAH 4010.
B) If market moves below HVE 3960 with bearish internals, sell towards YLOD 3954 GAP 3941 and HVEs 3911-3874.
Note: Overnight inventory was 100% bearish. The expected action is a counter-auction; failure to see the counter-auction would be an indication of potential trend day. Market opens below value and if it begins to trade within value with volume increasing, 'Value Area Rule (VAR)' comes into play.
Market Movers
10:00 Consumer Sentiment
10:20 Fed's Harker Speech
1:00 PM Baker-Hughes Rig Count
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