Outlook 01/30: U.S. stock index futures fell sharply on Thursday as the death toll from the coronavirus continues to rise in China, stoking fears about the virus impact on global economic growth. The spread of the Wuhan virus isn’t accelerating, but markets becoming more concerned about future earnings and economic growth as companies implement work stoppages to reduce the chance of the disease spreading.
/ESH20 Value: YVAH 3290 YPOC 3286 YVAL 3277 GAP 3271.25
/ES Plan: Last session market closed bearish and overnight continues on that way (PBT 3230), moving below yesterday's value, so these're the options for today's regular trading session:
A) If market remains below LIS HVE 3254 with bearish internals, sell towards ONL-GAP 3239 HVE-PBT 3230 and HVE 3222.
B) If market moves above LIS 3254 with bullish internals, buy towards HVE 3265 GAP 3271.25 ONH 3277.50 and HVE 3280.
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
10:30 EIA Natural Gas Inventory
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
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