VIX rising

Outlook 04/16: U.S. stock futures climb Tuesday, as the SP500 looks to snap a six-day losing streak with attention turning to the latest batch of corporate earnings. America’s largest companies have given reason for optimism in the early innings of the new corporate earnings season. Of the less than 10% of SP500 listed firms that have reported financials, nearly four of of every five have exceeded consensus estimates. Elsewhere, investors were concerned of escalating tensions in the Middle East after Iran’s launch of missiles and drones at Israel on Saturday. The VIX Volatility Index, commonly referred to as the fear gauge, closed at its highest point since October.

/ESM24 (JUN 2024): YVAH 5182 YPOC 5112 YVAL 5094 GAP 5099.75

/ES Plan: Yesterday market closed bimodal bearish (PBT 5060), but overnight looks more bullish, still moving within yesterday value, so these're the opening and initial balance options for today:

A) If market remains above YPOC 5112 with bullish internals, buy towards HVE 5125 ONH 5120 YVAH 5182 and YHOD 5213.

B) If market moves below YPOC 5112 with bearish internals, sell towards YVAL 5094 GAP 5099 ONL 5081 and HVE-PBT 5060.

Note: Market opens inside value. Don't be 'too anxious'. Let the market lead. You don’t have to be the first. Bad trades occur when you try to force things to happen.

VIX is rising. If you’re a new futures trader or a veteran who has hit a rough patch, you might also consider downsizing your contracts. For example, if you wanted to trade small you can trade Micro E-mini contracts for the same index, with a contract size one-tenth of the flagship E-mini, or $5 times the value of the index. 

Market Movers

12:30 PM Fed's Williams Speech

1:00 PM Fed's Barkin Speech

1:15 PM Jerome Powell Speech 

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