Outlook 04/15: U.S. stock futures set to open in the red as as the beginning of the first-quarter earnings season continued to show profit declines at some of the largest U.S. banks. Banks, among the first major companies to report first-quarter results, gave an early look at the damage the coronavirus downturn is set to do to corporate earnings. The major banks have all reported 40%-plus declines in earnings as they set aside billions to cover what they see as major upcoming losses on loans, credit cards and mortgages.
/ESM20 Value: YVAH 2844 YPOC 2826 YVAL 2810 GAP 2843
/ES Plan: Yesterday market closed bullish (PBT 2900), but overnight looks more bearish (PBT 2740), moving below yesterday's value, so these're the options for today:
A) If market moves below LIS LVN 2760 with bearish internals, sell towards ONL 2754.50 LVNs 2744-2724-2700 and HVE 2864.
B) If market moves above LIS 2760 with bullish internals, buy towards HVE 2775 LVNs 2789-2800 HVE 2820 and HVE-ONH 2845.
Note: Overnight inventory is 100% bearish. 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
10:00 Business Inventories
10:00 NAHB Housing Market Index
10:00 Atlanta Fed's Business Inflation Expectations
10:30 EIA Petroleum Inventories
01:00 PM Fed's Bostic Speech
02:00 PM Fed's Beige Book
04:00 PM Treasury International Capital
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