Outlook 04/22: U.S. stock futures pointed to strong gains at the open on Wednesday, following recent weakness in markets aggravated by oil’s massive decline as crude prices attempted to stabilize in early trading. West Texas Intermediate crude, the American benchmark, stabilized Wednesday as the oil meltdown spread to Brent crude, the international standard, early on. As the crisis spirals, the Trump administration is reportedly considering offering federal stimulus to embattled oil-and-gas producers in exchange for government ownership stakes in the companies or their crude reserves.
/ESM20 Value: YVAH 2760 YPOC 2733 YVAL 2722 GAP 2732.50
/ES Plan: Yesterday market closed bearish, but overnight looks more bullish (PBT 2820), moving above yesterday's value, so today's options:
A) If market remains above LIS HVE 2775 with bullish internals, buy towards HVE 2797 GAP 2806 and HVEs 2820-2841-2857.
B) If market moves below LIS HVE 2775 with bearish internals, sell towards LVNs 2760-2744 GAP 2732.50 and ONL 2717.25
Note: Overnight inventory is 90% bullish. 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
10:30 EIA Petroleum Inventories
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