Outlook 02/13: U.S. stock index futures pointed to a lower open on Thursday as a jump in coronavirus cases fuels worries over the virus’ impact on economic activity. China's confirmed 15,152 new coronavirus cases and 254 additional deaths. That brings the country's total death toll to 1,367 as the number of people infected hit 59,804. In the U.S., the CDC confirmed a new case in California, taking the total to 14 cases.
/ESH20 Value: YVAH 3377 YPOC 3373 YVAL 3369 GAP 3380.50
/ES Plan: Last session market closed bullish (PBT 3391) but overnight looks more balanced, moving below yesterday's value, so these're the options for today's regular trading session:
A) If market remains below LIS YVAL 3369 with bearish internal, sell towards HVE 3358 ONL 3348.50 and HVEs 3338-3331.
B) If market moves above LIS YVAL 3369 with bullish internal, buy towards GAP 3380.50 ATH-ONH 3382.50 and PBT 3391.
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 EIA Natural Gas Inventory
12:45 PM Fed's Kaplan Speech
1:00 PM 30-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
5:30 PM Fed's Williams Speech
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