Outlook 09/21: U.S. stock futures fell sharply early Monday as a number of factors rattled traders amid a three-week losing streak for the market. That marks the market’s longest weekly slide since 2019. Facebook, Amazon, Apple, Netflix, Google-parent Alphabet and Microsoft all posted steep weekly losses. Tech is coming under pressure in part on valuation concerns within the space as well as options of individual stocks, ETFs and indexes expired.
/ESZ20 Value: YVAH 3340 YPOC 3311 YVAL 3290 GAP 3317.25/ES Plan: Last session market closed bearish, and overnight continues on that way, moving below Friday's value, so these are the initial balance options for today's opening:
A) If market remains below LIS ON-POC 3263 with bearish internals, sell towards ONL 3247.25 HVEs 3231-3207 and GAP 3183.
B) If market moves above LIS ON-POC 3263 with bullish internals, buy towards HVEs 3275-3299 GAP 3317.25 and ONH 3326.25.
Note: Overnight inventory is 90% 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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