Outlook 03/06: U.S. stock futures were sharply lower Friday morning, as the spread of coronavirus has accelerated in the U.S., and investors who once downplayed down the virus are now re-assessing risks. Concerns about the outbreak don't seems to stop the strong labor market. Nonfarm payrolls grew far more than expected in February as companies continued to hire amid a growing coronavirus scare. U.S. economy added 273,000 new jobs in February, nearly 100,000 more than the expected 175,000, while the unemployment rate was 3.5%.
/ESH20 Value: YVAH 3055 YPOC 3025 YVAL 3002 GAP 3016.75
/ES Plan: Yesterday market closed bearish (PBT 2933), and overnight session continues on that way, still moving below yesterday's range, so these're the options for today's regular trading session:
A) If market remains below LIS HVE 2918 with bearish internals, sell towards ONL 2915 and HVEs 2907-2889-2867-2844.
B) If market moves above LIS 2937 with bullish internals, buy towards HVEs 2960-2980 YVAL 3002 GAP 3016.75 and HVE 3025.
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.
Market Movers
10:00 Wholesale Trade
10:00 Fed's Kashkari Speech
11:20 Fed's Bullard Speech
1:00 PM Baker-Hughes Rig Count
2:00 PM Fed's Williams Speech
2:00 PM Fed's Rosengren Speech
3:00 PM Consumer Credit
3:30 PM Fed's George Speech
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