Outlook 04/20: U.S. stock futures traded lower early Monday morning as investors weighed the latest coronavirus news along with a sharp decline in U.S. crude prices. The market was coming off its first back-to-back weekly gains in more than two months. WTI’s June contract slid over 8% to $22.78 per barrel. It was a strange phenomenon that analysts chalked up to the collapse in demand for oil contracts expiring this week. Refineries don’t need the oil and are near storage capacity with most of the country shut down.
/ESM20 Value: YVAH 2862 YPOC 2832 YVAL 2827 GAP 2869
/ES Plan: Last session market closed balanced, but overnight looks more bearish, moving below Friday's value, so these're the options for today:
A) If market remains below LIS HVE 2820 with bearish internals, sell towards ONL 2808 LVN 2800 GAP 2787 and HVE 2775.
B) If market moves above LIS HVE 2820 with bullish internals, buy towards HVEs 2845-2857-2867 GAP 2869 and ONH 2875.50.
Note: Overnight inventory is 90% bearish. The expected action is a counter-auction relative to overnight inventory; failure to see the counter-auction would be an indication of a potential trend day.
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