Outlook 04/02: Stock futures gave up sharp gains from earlier in the session on Thursday on the back of grim unemployment data. The Labor Department reported more than 6 million people filed for unemployment benefits in the week of March 27. Futures surged earlier after a jump in the price of oil, that jumped 10% to back above $22 a barrel after President Donald Trump said he expects Saudi Arabia and Russia to come to an agreement about their price war that has added to the pain for the crude market, already getting hit by an unprecedented demand slowdown from the coronavirus.
/ESM20 Value: YVAH 2500 YPOC 2483 YVAL 2458 GAP 2448
/ES Plan: Last session market closed balanced, but overnight looks more bearish, so these're the options for today:
A) If market remains below LIS HVE 2480 with bearish internals, sell towards HVE 2454 ONL 2448.50 and HVEs 2416-2390.
B) If market moves above LIS HVE 2480 with bullish internals, buy towards ONH 2502 HVE 2508-2539 and GAP 2560.25.
Note: On these high volatility days (VIX>50), your first trading rule is 'manage your risk'. Regardless of how much more money you could have made, you do realize that you just can not manage risk on this enviroment. Risk is just too great (>20p) so I recommend to stay aside.
Market Movers
10:00 Factory Orders
10:30 EIA Natural Gas Inventory
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
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