Outlook 02/09: Stock futures are slightly lower on Monday as investors awaited critical economic data and another batch of earnings reports. After an eight-day losing streak, buyers finally stepped back into the software space on Friday, underpinning a much-needed relief rally as the tech sector approached key support near the November lows. While this marked a step in the right direction, the broader tech complex remains rangebound until it can decisively break above the December highs. The economic docket is light Monday, Christopher Waller, Stephen Miran, and Bostic will speak later in the day. On Wednesday, investors will be watching for delayed January jobs report.
ESH26 (Mar2026): YVAH 6966 YPOC 6933 YVAL 6885 GAP 6946
/ES Plan: Last session market closed bullish (PBT 7045), but reopeningt looks bearish moving within previous value, so these're the opening and initial balance options for current session:
A) If market moves above HVE 6933 with bullish internals/delta, buy towards GAP 6946 ONH 6979 HVEs 6997-7018 and PBT-ATH 7045 magnet,
B) If market moves below HVE 6933 with bearish internals/delta, sell towards ONL 6921 HVEs 6900-6877 and YVAL-VAR 6885 magnet.
Note: This past week’s selloff exposed how much of the market is built around 0DTE options activity and the role of gamma. In positive gamma environments, dealers hedge their options exposure by buying market dips and selling rallies, which keeps volatility contained. When gamma positioning flips negative, those same hedging flows reverse, adding selling pressure during declines and buying pressure during rallies, giving the market further momentum in either direction.
Market Movers
11:00 ET NY Fed Survey of Consumer Expectations
13:30 ET Fed Governor Christopher Waller speaks
14:30 ET Fed’s Miran speaks at Boston University
15:15 ET Fed’s Bostic speaks
Questions via private twitter direct message (RTH)
