Outlook 03/05: U.S. stock futures were sharply lower Thursday morning, following a massive relief rally in the previous session, as markets remained choppy in the face of the fast-spreading coronavirus. Fears about the coronavirus disrupting the global economy continued to grip Wall Street as countries around the world extended quarantines and travel restrictions.
/ESH20 Value: YVAH 3086 YPOC 3053 YVAL 3007 GAP 3113.75
/ES Plan: Yesterday market closed bullish, but overnight session looks strongly bearish (PBT 3000), still moving within yesterday's value, so these're the options for today's regular trading session:
A) If market remains below LIS POC 3053 with bearish internals, sell towards ONL 3031 and HVE 3025 and GAP 2997.
B) If market moves above LIS POC 3053 with bullish internals, buy towards HVEs 3063-3074-3091 and ONH-GAP 3113.75.
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.
Today's Economic Calendar
10:00 Factory Orders
10:30 EIA Natural Gas Inventory
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
06:30 PM Fed's Kaplan Speech
08:00 PM Fed's Kashkari Speech
08:45 PM Fed's Williams Speech
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