Outlook 02/18: U.S. stock futures pointed lower this morning following the long holiday weekend after Apple revised its revenue forecast due to the fast-spreading coronavirus. Shares of Apple were down more than 3% in the premarket after the company said it does not expect to meet its quarterly revenue forecast because of lower iPhone supply globally and weak Chinese demand as a result of the coronavirus outbreak.
/ESH20 Value: YVAH 3380 YPOC 3378 YVAL 3371 GAP 3381.25
/ES Plan: Last Friday market closed bullish (PBT 3391) but Tuesday re-opening looks more bearish after printing a new record high on Monday. Market moves below Friday's value, so these're the options for today's regular trading session:
A) If market remains below LIS YVAL 3371 with bearish internal, sell towards ONL 3361.25 and HVEs 3358-3338-3331.
B) If market moves above LIS YVAL 3371 with bullish internal, buy towards ONH 3379 ATH 3392.50 and PBT 3404.
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 trend day. Remember that new record high (ATH) has been printed overnight (ON), so it's still pending to be revisited at NYSE regular trading hours (RTH).
Today's Economic Calendar
10:00 NAHB Housing Market Index
02:00 PM Fed's Kashkari Speech
04:00 PM Treasury International Capital
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