Outlook 10/20: U.S. equity futures rose early Tuesday ahead of a deadline for a new fiscal stimulus deal from Washington. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin “continued to narrow their differences” in a Monday afternoon phone call to discuss another stimulus package, according to Pelosi spokesman Drew Hammill. The speaker said that Tuesday is the deadline to reach an agreement before the Nov. 3 election.
/ESZ20 Value: YVAH 3471 YPOC 3424 YVAL 3411 GAP 3423.25
/ES Plan: Yesterday market closed bearish, but overnight looks balanced, moving within yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS HVE 3431 with bullish internals, buy towards ONH 3451.75 and HVEs 3480-3497.
B) If market moves below LIS HVE 3431 with bearish internals, sell towards GAPs 3423.25-3407 and HVEs 3398-3390.
Note: Market opens within previous value area, a signal of balanced market. Trading from responsive versus initiative would be preferred, so don't be 'too anxious'. If we're within value we want to have some patience until market shows a clear bias.
Market Movers
10:50 Fed's Quarles Speech
1:00 PM Fed's Evans Speech
3:00 PM Fed's Brainard Speech
5:00 PM Fed's Bostic Speech
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