Outlook 09/08: U.S. stock futures pointing to lower opens, but not nearly as severe as the Nasdaq. Tech stocks were set to fall sharply early Tuesday after technology shares suffered their worst sell-off in more than five months last week. Tesla plunged 15% after the SP Indices failed to add the surging and speculative stock to the SP500 after the bell Friday. Investors were betting on inclusion of the stock into the SP500. The snub shows the risks to the overeating Nasdaq trade.
/ESU20 Value: YVAH 3477 YPOC 3433 YVAL 3398 GAP 3433
/ES Plan: Last session market closed balanced, but overnight looks more bearish, moving below Friday's value, so these are the initial balance options for today's opening:
A) If market remains below LIS HVE 3361 with bearish internals, sell towards GAPs 3329-3299-3263.
B) If market moves above LIS HVE 3361 with bullish internals, buy towards HVE 3398 and ONH 3447.
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
1:00 PM 3-Year Note Auction
3:00 PM Consumer Credit
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