Losing streaks

Outlook 04/18: U.S. stock futures tick higher as traders try to recover after SP500′s fourth losing day. The recent market pullback adds to a more difficult second quarter. Market has been declining in recent weeks because rate cut expectations have dropped significantly. Investors are not surprisingly taking some profits after the strong market performance seen during the first quarter. Jobless claims unchanged at 212,000 for the last week, indicating that companies remain reluctant to lay off workers. Netflix will report earnings in the afternoon.

/ESM24 (JUN 2024): YVAH 5095 YPOC 5070 YVAL 5053 GAP 5060.75

/ES Plan: Yesterday market closed bearish (PBT 5023), but overnight looks slight bullish, moving within yesterday value, so these're the opening and initial balance options for today:

A) If market remains above YPOC 5070 with bullish internals, buy towards YVAH 5095 YHOD 5120 and HVE 5125-5155-5180.

B) If market moves below YPOC 5070 with bearish internals, sell towards GAP 5060 YVAL 5053 YLOD 5047 and PBT 5023.

Note: Market regime has changed. VIX is rising. If you’re a new futures trader or a veteran who has hit a rough patch, you might also consider down your size. On these high volatility days, 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

10:00 Existing Home Sales

10:00 Leading Indicators

10:30 EIA Natural Gas Inventory

11:00 Fed's Bostic Speech

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