Outlook 02/19: U.S. stock index futures rose slightly on Wednesday as investors continue to weigh the coronavirus’ impact on the global economy. China’s National Health Commission on Wednesday reported an additional 1,749 cases of the coronavirus nationwide. That’s the lowest number of newly confirmed cases since late January. The Fed releases minutes of its Jan. 28-29 policy meeting today, which could help explain what the central bank is thinking about potential economic risks, including those stemming from the coronavirus.
/ESH20 Value: YVAH 3374 YPOC 3371 YVAL 3365 GAP 3370
/ES Plan: Yesterday market closed bullish (PBT 3387) and overnight session continues on that way, moving above yesterday's range, so these're the options for today's regular trading session:
A) If market remains above LIS YHOD 3379 with bullish internals, buy towards ONH 3382 PBT 3387 and ATH 3392.50.
B) If market moves below LIS YHOD 3379 with bearish internals, sell towards ONL-GAP 3370 and HVEs 3358-3338.
Note: Overnight inventory is 100% bullish. 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 E-Commerce Retail Sales
11:45 Fed's Kashkari Speech
1:30 PM Fed's Kaplan Speech
2:00 PM FOMC minutes
4:30 PM Fed's Barkin Speech
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