Outlook 04/08: U.S. stock futures pointed to a slightly higher open on Wednesday amid hope that the number of new coronavirus cases is starting to decline. A big rally yesterday saw the SP500 climb more than 90 points, only to lose steam later in the session as traders track coronavirus death and infection rates in the absence of real-time economic data. The Federal Reserve releases the minutes from its most recent meeting at 2pm ET. The meeting in question was the emergency weekend session in March when the Fed cut rates to a range of 0-0.25%.
/ESM20 Value: YVAH 2739 YPOC 2724 YVAL 2684 GAP 2644
/ES Plan: Last session market closed bearish, but overnight looks more bullish, so these're the options for today:
A) If market remains below LIS HVE 2684 with bearish internals, sell towards HVE 2652 ONL 2620.75 LVN 2605 and HVEs 2587-2560.
B) If market moves above LIS HVE 2684 with bullish internals, buy towards LVN 2700 HVE 2725 LVNs 2744-2760 and HVEs 2775-2789.
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.
Market Movers
10:30 EIA Petroleum Inventories
01:00 PM 30-Year Note Auction
02:00 PM FOMC minutes
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