Outlook 04/29: Stock futures jumped Wednesday on the back of positive data from a potential coronavirus treatment from Gilead Sciences while investors digested a sharp drop in U.S. economic activity. Sentiment was also lifted as Alphabet shares gained 8.6% in the premarket after the tech giant reported a revenue growth decline that was less steep than forecast. The company’s YouTube ad revenues also beat expectations. All eyes will be on the Fed’s monetary policy decision at 2pm ET.
/ESM20 Value: YVAH 2882 YPOC 2872 YVAL 2854 GAP 2867
/ES Plan: Yesterday market closed bearish (PBT 2832), but overnight looks more balanced, moving above Yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS HVE 2918 with bullish internals, buy towards ONH 2926.75 HVE 2937 and LVN 2951.
B) If market moves below LIS 2918 with bearish internals, sell towards HVE 2889 LVN 2880 HVE 2867 and ONL 2860.
Note: Overnight inventory is 100% bullish. 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. FOMC day. It’s best to treat FOMC days as two separate sessions. The time before the announcement, which tends to involve a tightening price range and lower activity. Trade setups that work well in the AM, may fail completely in the afternoon, resulting in significant losses. If you've a winner morning, I suggest to avoid FOMC 'cowboy' session.
Market Movers
10:00 Pending Home Sales
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
11:00 Survey of Business Uncertainty
02:00 PM FOMC Announcement
02:30 PM Chairman Press Conference
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