Outlook 03/17: U.S. stock futures, in a volatile overnight and Tuesday morning, reached their 5% "limit up" levels, but at one stage, plunged briefly negative before recovering.
Those wild moves came after President Trump tweeted: “The United States will be powerfully supporting those industries, like Airlines and others, that are particularly affected by the Chinese Virus. We will be stronger than ever before!”
/ESM20 Value: YVAH 2596 YPOC 2552 YVAL 2440 GAP 2404.75
/ES Plan: Yesterday market closed bearish, but overnight looks more balanced, so these're the options for today's session:
A) If market remains below LIS HVE 2450 with bearish internals, sell towards HVE 2408 ONL 2370.75 and HVEs 2353-2300.
B) If market moves above LIS HVE 2450 with bullish internals, buy towards LVN 2483 ONH 2498 and HVE 2508-2540-2562.
Note: On high volatility days, 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. The risk is just too great, I strongly recommend to stay aside, just watch.
Market Movers
10:00 NAHB Housing Market Index
10:00 Business Inventories
10:00 Job Openings and Labor Turnover Survey
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