Outlook 01/03: After closing the first trading session of the year in the green, U.S. stock futures plunged overnight as Apple cut its quarterly revenue forecast for the first time since 2007. The unprecedented move in the Tim Cook era was prompted by a downturn in iPhone sales in China, which represents nearly 20% of Apple's revenue. It was also the latest sign of broader economic malaise in the world's second largest economy, fueled by trade tensions with the U.S.
/ESH19 Value: YVAH 2518 YPOC 2499 YVAL 2488 GAP 2511
/ES Plan: Yesterday market closed bullish but after Apple warning (SoC 2508), overnight looks more bearish moving below previous value, into 2481-2508 range, so we've these options:
A) If market remains above HVE 2481 with bullish internals, be a buyer towards ONH 2489 HVEs 2491-2500-2508 and GAP 2511.
B) If market starts to move below 2481 with bearish internals, sell towards ONL 2462.75 LVN 2456 and HVEs 2444-2427-2415.
Tips: Scene of Crime (SoC) is the zone where a news-based impulse move was initiated and is therefore susceptible to be visited again.
Today's Economic Calendar
10:00 ISM Manufacturing Index
10:00 Construction Spending
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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Glossary of terms
