Outlook 07/08: U.S. stock futures are trading cautiously after snapping a five-day winning streak in the previous session amid the latest uncertainty surrounding the coronavirus pandemic. The COVID-19 outbreak crossed the grim milestone of over 3M confirmed cases on Tuesday as more states reported record numbers of new infections, while Florida faced an impending shortage of ICU hospital beds.
/ESU20 Value: YVAH 3172 YPOC 3160 YVAL 3149 GAP 3136
/ES Plan: Yesterday market closed balanced, and overnight continues on that way, moving below yesterday's value, so these are the initial balance options for today's opening:
A) If market remains below LIS YVAL 3149 with bearish internals, sell towards GAP 3136 ONL 3125 and HVE 3138-3116.
B) If market moves above LIS YVAL 3149 with bullish internals, buy towards ONH 3152 and HVEs 3160-3177-3189-3207.
Note: When the market opens below the value area and remains below the value area low on the subsequent tests, it is a clearly bearish signal. But when a market opens below the value area but then fails to go through the overnight low and begins to trade back into value with volume at highs increasing, it is a signal of reversal. There is a strong tendency to rotate all the way through the value area.
Market Movers
10:30 EIA Petroleum Inventories
12:15 PM Fed's Bostic speech
1:00 PM 10-Year Note Auction
3:00 PM Consumer Credit
Questions via @verniman direct message (RTH) or email (After Close).
Follow alerts using TweetDeck. Primary twitter language is English.
No unauthorized reproduction of this service without permission.
