Outlook 02/21: U.S. stock index futures were pointing to a lower open after Fed President James Bullard said that he expects the coronavirus to be a short-term problem and likely won't cause central bankers to want to cut interest rates. In the same line, Fed's Bostic said that there is no impulse to do anything with our current policy stance. Traders have been pricing in at least one rate cut from the Fed for this year.
/ESH20 Value: YVAH 3381 YPOC 3369 YVAL 3348 GAP 3369.25
/ES Plan: Yesterday market closed balanced but overnight session looks more bearish, still moving within yesterday's value, so these're the options for today's regular trading session:
A) If market remains below LIS HVE 3358 with bearish internals, sell towards ONL 3345 and HVEs 3338-3330.
B) If market moves above LIS 3358 with bullish internals, buy towards ONH-GAP 3369.25 HVE 3388 and ATH 3397.50
Note: Remember that new record high (ATH) has been printed overnight, so it's still pending to be revisited at NYSE regular trading hours (RTH).
Today's Economic Calendar
09:35 Fed's Kaplan speech
09:45 PMI Composite Flash
10:00 Existing Home Sales
10:00 Fed's Brainard speech
10:00 Fed's Bostic speech
01:00 PM Baker-Hughes Rig Count
01:30 PM Fed's Mester speech
01:30 PM Fed's Clarida speech
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