Outlook 02/26: U.S. stock index futures were higher on Wednesday as the market attempted to rebound from the worst two-day slide for the SP 500 in four years. Futures traded wildly in overnight trading and there were no apparent positive coronavirus headlines that would point to support for the market. The VIX, a measure of the implied volatility of U.S. stocks, crossed 30 at its session high on Tuesday as coronavirus fears rattled the markets.
/ESH20 Value: YVAH 3212 YPOC 3133 YVAL 3121 GAP 3133.50
/ES Plan: Yesterday market closed bearish but overnight session looks more bullish, still moving within yesterday's value, so these're the options for today's regular trading session:
A) If market remains above LIS HVE 3133 with bullish internals, buy towards ONH 3158.50 and HVEs 3177-3189-3213.
B) If market moves below LIS HVE 3133 with bearish internals, sell towards HVEs 3116-3098 ONL 3091 and HVE 3090.
Note: Remember, when VIX climbs above 20, your first trading rule is 'manage your risk'. When volatility rises and you see a thin order book, I suggest to stay aside until the market recovers a 'normal' negotiable regime. You must know your exit level before your entry.
Today's Economic Calendar
10:00 New Home Sales
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
11:00 Survey of Business Uncertainty
11:30 2-Year FRN Auction
01:00 PM 5-Year Note Auction
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