Outlook 02/12: U.S. stock futures point to a strong Wednesday open as investors become slightly less concerned about the coronavirus. Fed Chair Jerome Powell is set to testify before Congress for a second day, having used the first day of testimony to say "the U.S. economy is in a very good place." "The FOMC believes that the current stance of monetary policy will support continued economic growth, a strong labor market and inflation returning to the committee’s symmetric 2% objective, he added. "As long as incoming information about the economy remains broadly consistent with this outlook, the current stance of monetary policy will likely remain appropriate."
/ESH20 Value: YVAH 3367 YPOC 3365 YVAL 3356 GAP 3357.75
/ES Plan: Last session market closed balanced but overnight looks more bullish (PBT 3386), moving above yesterday's value, so these're the options for today's regular trading session:
A) If market remains above LIS YVAH 3367 with bullish internal, buy towards ATH-ONH 33745.50 and PBT 3386.
B) If market moves below LIS YVAH 3367 with bearish internal, sell towards GAP-HVE 3357.75 and ONL 3355.50.
Note: Overnight inventory is 95% 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.
Today's Economic Calendar
09:30 Powell to testify before the house committee
10:00 Atlanta Fed's Business Inflation Expectations
10:30 EIA Petroleum Inventories
01:00 PM 10-Year Note Auction
02:00 PM Treasury Budget
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