Outlook 03/26: U.S. stock futures trimmed earlier losses on Thursday even after the release of initial jobless claims data gave investors a look at the economic impact the coronavirus is having on the country. The Labor Department said Thursday unemployment benefit claims soared to 3.28 million last week, a record. That number blew past the Great Recession peak of 695,000. However, Thursday’s print was not as bad as some estimates suggested, giving some traders a sigh of relief. The move came as the Senate unanimously approved a $2 trillion economic relief package late Wednesday. The stimulus bill now heads to the House, which will push to pass it by voice vote Friday morning as most representatives are out of Washington.
/ESM20 Value: YVAH 2505 YPOC 2462 YVAL 2400 GAP 2465.50
/ES Plan: Last session market closed balanced, and overnight continues on that way, so these're the options for today:
A) If market remains above LIS HVE 2454 with bullish internals, buy towards GAP 2465.50 HVE 2480 ONH 2497.50 and HVE 2508.
B) If market moves below LIS HVE 2454 with bearish internals, sell towards HVE 2416 ONL 2402.25 and HVEs 2390-2367-2353.
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
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
01:00 PM 7-Year Note Auction
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
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