Outlook 02/11: U.S. stock index futures printed new record highs as Chinese workers and factories gradually returned to business, while new coronavirus statistics showed signs that the disease was slowing. Fed Chairman Powell said the central bank is “closely monitoring” the coronavirus for its impact on China and the global economy. The remarks came in the central bank chief’s semiannual testimony before Congress. Regarding interest rates, Powell said policy is well positioned.
/ESH20 Value: YVAH 3341 YPOC 3337 YVAL 3320 GAP 3353
/ES Plan: Last session market closed bullish (PBT 3371) and overnight looks more bullish (PBT 3375), moving above yesterday's range, so these're the options for today's regular trading session:
A) If market remains above LIS HVE 3358 with bullish internal, buy towards ATH-ONH 3365.50 and PBTs 3371-3375.
B) If market moves below HVE 3358 with bearish internal, sell towards GAP 3353 ONL 3349.25 and HVEs 3338-3331.
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 bullish 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
10:00 Powell to testify before the house
10:00 Job Openings and Labor Turnover Survey
12:15 PM Fed’s Quarles speech
01:00 PM 3-Year Note Auction
01:30 PM Fed's Bullard speech
02:15 PM Fed's Kashkari speech
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