Outlook 06/24: U.S. stock index futures pointed to a lower open on Wednesday as traders grew worried about the increasing number of newly confirmed coronavirus cases. Dr. Anthony Fauci, said Tuesday the U.S. is seeing a “disturbing” surge in new Covid-19 cases. He also struck a more upbeat tone on a vaccine potential expected one by early 2021.
/ESU20 Value: YVAH 3141 YPOC 3137 YVAL 3122 GAP 3117.50
/ES Plan: Yesterday market closed bullish, but overnight looks bearish and bimodal (LIS 3109), moving below yesterday's value, so these're the options for today:
A) If market remains below LIS LVN 3109 with bearish internals, sell towards HVE 3098 ONH 3081 and HVEs 3075-3062.
B) If market moves above LIS LVN 3109 with bullish internals, buy towards HVE 3116 ONH 3128.50 and HVEs 3133-3160.
Note: When a market opens below the value area and then goes through the overnight low with volume increasing, it's a bearish signal. If the market fails to go through the overnight low and begins to trade back with volume increasing, it is a signal of rejection and reversal.
Market Movers
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
11:00 Survey of Business Uncertainty
11:30 2-Year FRN Auction
12:30 PM Fed's Evans Speech
01:00 PM 5-Year Note Auction
02:00 PM Fed's Bullard Speech
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