Outlook 03/30: It's the first Monday in nearly a month that SP500 futures haven't gone limit-down in reaction to alarming weekend news, though traders are still starting the week with caution. Losses were seen at the start of the session as President Trump did away with the idea of the economy opening back up by Easter and extended social distancing guidelines until April 30. Futures then wavered between gains and losses throughout the night, suggesting another rocky ride for the week ahead.
/ESM20 Value: YVAH 2562 YPOC 2529 YVAL 2517 GAP 2524.25
/ES Plan: Last session market closed bearish (PBT 2424), but overnight looks more bullish (PBT 2620), so these're the options for today:
A) If market remains above LIS HVE 2540 with bullish internals, buy towards HVE 2562 ONH 2567.50 HVE 2587 and GAP 2608.
B) If market moves below LIS HVE 2540 with bearish internals, sell towards HVEs 2508-2480-2454 ONL 2445 and PBT 2424.
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
10:00 Pending Home Sales
10:30 Dallas Fed Manufacturing Survey
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