Outlook 06/15: U.S. stock futures started the night off more than 3%, before paring losses to 1.9%, as the choppy trading continues following Thursday's brutal selloff and Friday's partial rebound. "The second wave has begun," said William Schaffner, from Vanderbilt University School of Medicine, outlining the need for social distancing and mask-wearing, though he "cannot imagine" a second shutdown due to the impact of the first one. China's capital Beijing reinstated some coronavirus mitigation measures after an unexpected spike of cases. Beijing has reported 79 cases over the past four days, biggest cluster since February.
/ESU20 Value: YVAH 3042 YPOC 3020 YVAL 2991 GAP 3024.25
/ES Plan: Last session market closed balanced, and overnight started bearish but now it looks balanced, still moving below Friday's range, so these are the initial balance options for today's opening:
A) If market remains above LIS HVE 2963 with bullish internals, buy towards HVE 2980 ONH 2997.75 and HVE-GAP 3025.
B) If market moves below LIS 2963 with bearish internals, sell towards HVEs 2953-2937 ONL 2923.75 and HVEs 2918-2907.
Note: On high volatility days, 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. When volatility rises this much and you see a thin order book (2 digits), I strongly recommend to stay aside. Don't panic, be patient until the market recovers a 'normal' tradable regime.
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