Outlook 04/21: Stock futures pointed to big losses for a second day on Tuesday as traders were focused on the strange happenings with oil futures once again. Yesterday, the May contract for oil futures expiring Tuesday fell to zero and then went to an actual negative price, meaning producers would pay for someone to take the oil off their hands. The bizarre move has to do with the fact that because of the coroanvirus shutdowns, big buyers of oil like refineries don’t need any more oil because their tanks are nearly filled.
/ESM20 Value: YVAH 2860 YPOC 2850 YVAL 2820 GAP 2806.50
/ES Plan: Last session market closed bearish, and overnight continues on that way, moving below yesterday's value, so these're today's options:
A) If market remains below LIS HVE 2760 with bearish internals, sell towards LVNs 2744-2724-2700 and HVE 2864.
B) If market moves above LIS 2760 with bullish internals, buy towards HVE 2775 LVN 2800 GAP 2806 and HVE 2820.
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 a potential trend day.
Market Movers
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