Outlook 09/16: U.S. stock futures point to a lower opening on Wall Street and oil prices soar after the weekend attacks on Saudi Arabian oil production. Weak industrial output data from China further hammered market sentiment, as well as geopolitical worries. Some U.S. officials blamed Iran for the strikes on Aramco's facilities, with President Trump saying he was "locked and loaded" suggesting that the U.S. is prepared to intervene with a military response. It’s unclear what’s next. What’s clear is all’s not well and a range of destabilizing events could come.
/ESZ19 Value: YVAH 3018 YPOC 3015 YVAL 3010 GAP 3009
/ES Plan: The last session of the market closed bearish and the opening of Sunday continued that way. Overnight auction seems a bit bullish but still moving below Friday's value, so today's options:
A) If market remains above LIS 2994 with bullish internals, buy towards ONH 3000.75 GAP 3009 and HVE 3018.
B) If market moves below LIS 2994 with bearish internals, sell towards HVE 2988 ONL 2983.50 and HVE 2972.
Note: We're into the expiration week, so volume from September contract starts to dries up towards December contract. The pace of the roll, right now, is around 60%, so I'm trading December contract /ESZ19.
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