Outlook 10/12: U.S. equity futures look set to begin the week with some more gains. While the latest White House coronavirus package hit resistance from both Democrats and Republicans over the weekend, discussions are continuing. Odds are also increasing that the Democrats could take the Senate following the November election, which would lay the ground for a large stimulus package. Equity markets remain open today for Columbus Day, though bond traders will get the day off in observance of the federal holiday.
/ESZ20 Value: YVAH 3473 YPOC 3466 YVAL 3455 GAP 3473.50
/ES Plan: Last session market closed bullish, and overnight continues on that way, moving above Friday's range, so these are the initial balance options for today's opening:
A) If market remains above LIS 3495 with bullish internals, buy towards ONH 3499 and HVE 3511.
B) If market moves below LIS 3495 with bearish internals, sell towards HVE 3480 and GAP-YVAH 3473
Note: Overnight inventory is 100% bullish. 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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