Elusive Deal

Outlook 10/26: U.S. equity futures are starting the week on the back-foot, falling nearly 1% overnight, as the nation reported a record of more than 83,000 new COVID infections on both Friday and Saturday. "We're not going to control the pandemic. We are going to control the fact that we get vaccines, therapeutics and other mitigation areas," White House Chief of Staff Mark Meadows told CNN's State of the Union program. Meadows and Nancy Pelosi also accused each other of "moving the goalposts" on stimulus legislation in back-to-back interviews, dimming chances a deal could be reached before Election Day.

/ESZ20 Value: YVAH 3457 YPOC 3451 YVAL 3443 GAP 3451.25

/ES Plan: Last session market closed balanced, but overnight looks more bearish (PBT 3390), moving below Friday's range, so these are the initial balance options for today's opening:

A) If market remains below LIS HVE 3420 with bearish internals, sell towards ONL 3412 and HVEs 3402-3398-3390.

B) If market moves above LIS HVE 3420 with bullish internals, buy towards HVE 3431 ONH 3446.25 and GAP 3451.25.

Note: Overnight inventory is 100% 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.

Market Movers

10:00 New Home Sales

10:30 Dallas Fed Manufacturing Survey

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