Outlook 01/28: U.S. stock index futures pointed on Tuesday to a rebound after the market’s biggest sell-off in more than three months as investors grapple with lingering fears over a possible coronavirus outbreak. Stocks are attempting to stabilize and rebound although the effort is quite tentative and lacks conviction.
/ESH20 Value: YVAH 3254 YPOC 3248 YVAL 3240 GAP 3239.25
/ES Plan: Last session market closed balanced but overnight looks bimodal (LIS 3254), moving within yesterday's value, so these're the options for today's regular trading session:
A) If market remains above LIS HVE 3254 with bullish internals, buy towards ONH 3263.75 HVE 3270-3280-3288 and GAP 3293.25.
B) If market moves below LIS HVE 3254 with bearish internals, sell towards GAP 3239.25 ONL 3238.75 and HVEs 3230-3222-3206.
Note: Overnight inventory is bimodal so don't be 'too anxious' to trade early in the morning. If we're within a bimodal profile we want to have some patience until market bias is defined.
Today's Economic Calendar
FOMC meeting begins
10:00 Consumer Confidence
10:00 Richmond Fed Mfg.
11:30 2-Year FRN Auction
01:00 PM 7-Year Note Auction
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