Outlook 11/13: U.S. stock futures were pointing to a balanced open waiting another big speech, this time from Fed Chairman Jerome Powell, who will speak to the Congressional Joint Economic Committee about the current economic outlook. The last time we heard from Powell the Fed had cut interest rates for the third time this year and he signaled that moves to ease monetary policy could be nearing a pause.
/ESZ19 Value: YVAH 3097 YPOC 3089 YVAL 3087 GAP 3092.25
/ES Plan: Last session market closed balanced and overnight continues on that way, moving a below Yesterday's value, so:
A) If market remains above LIS YLOD 3081 with bullish internals, buy towards YVAL 3087 GAP 3092.25 and ATH 3102.
B) If market moves below LIS YLOD 3081 with bearish internals, sell towards ONL 3075.75 and HVEs 3074-3066.
Note: No major economic reports are out today, but it's a busy day for Federal Reserve members. Fed Chairman Jerome Powell could wind up being the biggest influence on today's stock activity, as he testifies before Congress at 11am. Minneapolis Fed President Neel Kashkari and Richmond Fed President Tom Barkin all make public appearances.
Today's Economic Calendar
10:00 Atlanta Fed's Business Inflation Expectations
11:00 Powell To Testify Before The Congressional Joint Economic Committee
12:30 PM Fed's Barkin Speech
01:30 PM Fed's Kashkari Speech
02:00 PM Treasury Budget
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