Outlook 02/27: U.S. stock index futures were lower on the overnight session as data showed new cases of the coronavirus outside of China exceeding those inside the country for the first time. President Trump told reporters late Wednesday that the coronavirus risk to Americans was "very, very low" and placed VP Mike Pence in charge of his administration's response to the growing global health crisis, though the CDC confirmed that a California man contracted the disease despite having no known travel links or exposure to another patient.
/ESH20 Value: YVAH 3156 YPOC 3118 YVAL 3113 GAP 3109.50
/ES Plan: Yesterday market closed bearish and overnight session continues on that way, moving below yesterday's range, so these're the options for today's regular trading session:
A) If market remains below LIS HVE 3063 with bearish internals, sell towards ONL 3059.60 GAP 3035 and HVEs 3025-3012-3007.
B) If market moves above LIS HVE 3063 with bullish internals, buy towards HVE 3074-3090-3098 GAP 3109.50 and ONH 3117.
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.
Today's Economic Calendar
10:00 Pending Home Sales
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
11:30 Fed's Evans Speech
1:00 PM 7-Year Note Auction
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
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