Outlook 02/05: U.S. stock index futures pointed to a higher open on Wednesday after Reuters said a Chinese TV media outlet had reported that a research team at Zhejiang University had found an effective drug to treat people with the new coronavirus. The news agency, citing traders, suggested this was a reason for the move higher in stocks. Corporate earnings remain in focus, with a number of companies weighing the impact of the coronavirus on forecasts.
/ESH20 Value: YVAH 3305 YPOC 3300 YVAL 3287 GAP 3299.50
/ES Plan: Last session market closed bullish (PBT 3364) and overnight continuous 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 3320 with bullish internal, buy towards ONH 3331.25 ATH 3337.50 and PBT 3364.
B) If market moves below LIS 3320 with bearish internal, sell towards YVAH 3305 GAP 3299.50 and ONL 3288.25
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 trending day.
Today's Economic Calendar
09:45 PMI Services Index
10:00 ISM Non-Manufacturing Index
10:30 EIA Petroleum Inventories
04:10 PM Fed's Brainard: “Payment Innovation”
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