Outlook 02/24: U.S. stock futures pointed to sharp declines at the open on Monday as the number of coronavirus cases outside China surged, stoking fears of a prolonged global economic slowdown from the virus spreading. Coronavirus has spread rapidly in other countries especially South Korea and Italy, which reported a spike in the number of confirmed cases in recent days.
/ESH20 Value: YVAH 3348 YPOC 3340 YVAL 3330 GAP 3340
/ES Plan: Last session market closed bearish and overnight session continues on that way, moving below Friday's range, so these're the options for today's regular trading session:
A) If market remains below LIS HVE 3255 with bearish internals, sell towards GAP 3228 and HVEs 3206-3190.
B) If market moves above LIS HVE 3255 with bullish internals, buy towards HVE 3280-3298 and ONH 3312.
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. 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
10:30 Dallas Fed Manufacturing Survey
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