Outlook 02/04: U.S. stocks were set on Tuesday to continue the recovery rally following Friday’s steep sell-off sparked by concerns over China’s fast-spreading coronavirus. Tuesday’s continued bounce comes after a Reuters report said China’s central bank could cut its key lending rate as well as banks’ reserve requirement ratios (RRRs) in the coming weeks to support economic growth.
/ESH20 Value: YVAH 3254 YPOC 3245 YVAL 3238 GAP 3245.75
/ES Plan: Last session market closed bearish but overnight looks more bullish, moving above yesterday's range, so these're the options for today's regular trading session:
A) If market moves above LIS HVE 3280 with bullish internal, buy towards ONH 3287.50 HVE 3298 PBT 3312 and HVE 3331.
B) If market moves below LIS HVE 3280 with bearish internal, sell towards HVEs 3265-3254 GAP 3245.75 and ONL 3236.
Note: Overnight inventory is 90% bullish. 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
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