Outlook 05/01: Stock futures fell sharply early Friday as shares of Amazon and Apple dropped following their first-quarter results. Apple reported quarterly earnings that topped analyst expectations, but its revenue growth remained flat on a year-over-year basis. The biggest news in Amazon’s report was that it plans to spend all of its profit from the second quarter on responding to the coronavirus pandemic. Both Apple and Amazon are among the companies that led the SP500′s comeback from the late-March lows and were two of the best performers in April.
/ESM20 Value: YVAH 2913 YPOC 2893 YVAL 2889 GAP 2897.75
/ES Plan: Yesterday market closed bearish (PBT 2820), and overnight continues on that way, moving below Yesterday's range, so these are the initial balance options for today's opening:
A) If market remains below LIS HVE 2846 with bearish internals, sell towards GAP 2829 HVE-PBT 2820 LVN 2800 and GAP 2781.
B) If market moves above LIS HVE 2846 with bullish internals, buy towards HVEs 2857-2867 ONH 2879.75 and GAP 2897.75.
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.
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