Outlook 10/01: U.S. equity futures set to start the new month and fourth quarter with gains on rising hopes for further coronavirus aid. The House of Representatives delayed a vote on the Democrats $2.2 trillion rescue package on Wednesday evening to allow for more talks, which some saw as a sign progress could be made. On the data front, the latest jobless claims report showed first-time filers for unemployment benefits came in at 837,000 vs. 850,000 expected in the last week.
/ESZ20 Value: YVAH 3372 YPOC 3359 YVAL 3337 GAP 3339
/ES Plan: Yesterday market closed bullish (PBT 3427) and overnight continuous on that way, moving above yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS YVAH 3372 with bullish internals, buy towards HVE 3383 ONH 3388 HVE 3398 and PBT 3427.
B) If market remains below LIS YVAH 3372 with bearish internals, sell towards HVE 3359 ONL 3343.25 and YVAL 3337.
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. Market opens above previous value area and if it remains above value, it is a clearly bullish signal. But, if market begins to trade within value with volume increasing, 'value area rule' comes into play.
Market Movers
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
10:30 EIA Natural Gas Inventory
11:00 Fed's Williams Speech
3:00 PM Fed's Bowman Speech
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
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