Outlook 02/21: U.S. stock futures tick down Wednesday morning after the major averages incurred a second day of losses, fueled by a decline in Nvidia. A slump in Nvidia slid 2% in the premarket Wednesday and weighed on the Nasdaq and S&P 500 as sentiment soured the day before the chip giant is expected to post its quarterly results. Wall Street will also have an eye out for the minutes from the Federal Reserve’s January meeting, seeking further insight on where the central bank stands on rates. This comes on the back of hotter-than-expected economic data the previous week.
/ESH24 (MAR 2024): YVAH 4995 YPOC 4989 YVAL 4977 GAP 4987
/ES Plan: Yesterday market closed bearish (PBT 4950), and overnight continues on that way (PBT 4964), moving below value, so these're the opening and initial balance options for today:
A) If market moves above YVAL 4977 with bullish internals, buy towards GAP 4987 YVAH 4995 and HVE 5000.
B) If market moves below YVAL 4977 with bearish internals, sell towards ONL 4973 YLOD 4968 and PBT 4950.
Note: Overnight inventory is 100% bearish. The expected action is a counter-auction; failure to see the counter-auction would be an indication of potential trend day. If market opens below value and it begins to trade within value, VAR comes into play.
Market Movers
10:00 Atlanta Fed's Inflation Expectations
1:00 PM Fed's Bowman Speech
1:00 PM 20-Year Bond Auction
2:00 PM FOMC Minutes
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