Outlook 03/23: U.S. stock futures surged on Monday, erasing steep overnight losses after the Federal Reserve unveiled new measures to keep markets working properly. Wall Street awaited Washington lawmakers to agree to an economic stimulus and rescue plan to cushion the blow from the coronavirus outbreak. One of the measures taken by the Fed were an an open-ended asset purchase program, which the central bank will run in the “amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy”
/ESM20 Value: YVAH 2434 YPOC 2386 YVAL 2323 GAP 2288.25
/ES Plan: Last session market closed balanced, and overnight bounced from limit down, so these're the options for today:
A) If market remains above LIS LVN 2306 with bullish internals, buy towards HVE 2354 ONH 2386 LVN 2408 and HVE 2445.
B) If market moves below LIS 2306 with bearish internals, sell towards GAP 2288.25 HVEs 2275-2242-2215 and ONL 2174.
Note: On these high volatility days (VIX>70), your first trading rule is 'manage your risk'. Regardless of how much more money you could have made, you do realize that you just can not manage risk on this enviroment. Risk is just too great (>20p) so I recommend to stay aside.
Market Movers
09:45 Senate Vote on the COVID-19 Bill
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