Outlook 02/08: U.S. stock futures were little changed Thursday morning after closing slightly lower on Wednesday. Traders will have a constant stream of earnings to digest, with 33 companies in the SP500 scheduled to release results.
/ES Value: YVAH 2715 YPOC 2696 YVAL 2685
/ES Plan: Yesterday closed balanced but within a lower range (2700-2619). Overnight is balanced moving below Yesterday's value, so we've these options:
A) If market remains above LVN 2678 with bullish internals, try to be a buyer leaning on 2678-2680 towards ONH 2684.50 Edge 2700 and LVN 2733. 'Look above and fail' is a signal of weakness.
B) If market starts to move below LIS 2678 with bearish internals, try to be a seller leaning on 2678-2679 towards GAP 2668 and LVNs 2650-2619. 'Look below and fail' is a signal of strength.
Tips: Market is calming down, but it's still very thin with the order book being below 200 at each level. If you can't trade using wide stops (10-20 pts), I recommend to stay aside until the markets stabilize and recover a 'normal' tradable regime (>200 at each level)
Today's Economic Calendar
09:45 Bloomberg Consumer Comfort Index
10:30 EIA Natural Gas Inventory
01:00 30-Year Note Auction
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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