Outlook 01/31: U.S. stock index futures traded lower as traders try to assess the potential economic impact of China’s coronavirus while digesting earnings from Caterpillar and Amazon. The World Health Organization (WHO) recognized the deadly pneumonia-like virus as a global health emergency on Thursday, citing concern that the outbreak continues to spread to other countries with weaker health systems.
/ESH20 Value: YVAH 3263 YPOC 3253 YVAL 3244 GAP 3290.50
/ES Plan: Last session market closed bullish but overnight looks more bearish (PBT 3254), still moving above yesterday's value, so these're the options for today's regular trading session:
A) If market remains below LIS HVE 3280 with bearish internals, sell towards ONL 3265.75 HVE-PBT 3254 and GAP 3239.
B) If market moves above LIS HVE 3280 with bullish internals, buy towards GAP 3290.50 ONH 3297.50 and HVE 3298.
Note: Overnight inventory is 90% bearish. The expected action is a counter-auction relative to overnight inventory; failure to see the counter-auction would be an indication of potential trending day.
Today's Economic Calendar
09:45 Chicago PMI
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
3:00 PM Farm Prices
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