Outlook 03/20: U.S. stock futures jumped on Friday, pointing to a second day of gains. Big gains were seen across every asset class overnight as policymakers pulled out all the stops and adopted a "whatever it takes" approach to mitigate economic fallout from COVID-19. The latest moves will see the Fed increase the access to dollars to global central banks grappling with liquidity shortages, while governments around the world pledged or are considering as much as $3T in fiscal support. Don't forget that it's also quad witching day, which can lead to higher volatility and more trading volume.
/ESM20 Value: YVAH 2440 YPOC 2415 YVAL 2376 GAP 2386.75
/ES Plan: Yesterday market closed bullish, and overnight continues on that way, so these're the options for today:
A) If market remains above LIS LVN 2404 with bullish internals, buy towards GAP 2400 HVE 2445 GAP 2483 and GAP 2499.
B) If market moves below LIS LVN 2404 with bearish internals, sell towards HVE 2354 ONL 2330.25 and HVE 2306-2774-2442.
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 Existing Home Sales
01:00 PM Baker-Hughes Rig Count
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