Outlook 04/13: U.S. stock futures suggest a balanced open Monday morning after OPEC and other oil-producing countries reached a deal on a massive production cut, while investors continued to digest the impact of the coronavirus. The group of countries known as OPEC+ agreed to cut production by 9.7 million barrels per day, making it the single-largest output reduction on record. President Donald Trump tweeted the accord will “will save hundreds of thousands of energy jobs in the United States,” adding it will be “great for all.”
/ESM20 Value: YVAH 2800 YPOC 2780 YVAL 2768 GAP 2780
/ES Plan: Last session market closed bullish (PBT 2860), but overnight looks more balanced, so these're the options for today:
A) If market remains above LIS YVAL 2768 with bullish internals, buy towards GAP 2780 HVE 2789 LVN 2800 HVE 2815 and ONH 2819.50.
B) If market moves below LIS YVAL 2768 with bearish internals, sell towards LVN 2760 GAP 2734.75 LVN 2724 ONL 2717.25 and LVN 2700.
Note: Overnight inventory looks balanced so don't be 'too anxious' to trade early in the morning. If we're within a balanced range we want to have some patience until market bias is defined.
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