Outlook 10/21: U.S. equity futures were little changed early Wednesday after White House chief of staff Mark Meadows said that House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have made “good progress” on stimulus talks. He added, however, that they “still have a ways to go” before an agreement is reached.
/ESZ20 Value: YVAH 3449 YPOC 3437 YVAL 3431 GAP 3431.25
/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 YVAH-HVE 3449 ONH 3458 and HVEs 3480-3497.
B) If market moves below LIS HVE 3431 with bearish internals, sell towards ONL-HVE 3420 GAP 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
10:00 Fed's Mester Speech
10:30 EIA Petroleum Inventories
12:00 PM Fed's Daly Speech
12:00 PM Fed's Kashkari Speech
12:00 PM Fed's Kaplan Speech
1:00 PM Fed's Barkin Speech
1:00 PM 20-Year Bond Auction
2:00 PM Fed's Beige Book
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