Outlook 01/27: U.S. stock index futures fell sharply Monday morning after more cases of the coronavirus were confirmed over the weekend, ratcheting up worries over the virus’ impact on the world economy. Nearly 2,800 people in China have been infected and 80 killed by the disease, and over the last week, both numbers have been rising.
/ESH20 Value: YVAH 3317 YPOC 3294 YVAL 3282 GAP 3293.25
/ES Plan: Last session market closed bearish and overnight looks more bimodal (LIS 3254), moving below yesterday's range, 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 3235.75 and HVEs 3230-3222-3206.
B) If market moves above LIS HVE 3254 with bullish internals, buy towards ONH 3269.75 HVE 3280-3288 and GAP 3293.25.
Note: Overnight inventory is 100% 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
10:00 New Home Sales
10:30 Dallas Fed Manufacturing Survey
11:30 2-Year Note Auction
01:00 PM 5-Year Note Auction
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