Outlook 10/28: U.S. equity futures are set for a sharply lower open, as investors grappled with an increase in coronavirus cases, uncertainty over next Tuesday's election, and the continued lack of an economic stimulus package. Dimming hopes for another fiscal stimulus before the election have weighed on the market. Election uncertainty also has market players hesitant to make big moves.
/ESZ20 Value: YVAH 3398 YPOC 3389 YVAL 3386 GAP 3380.25
/ES Plan: Yesterday market closed bearish, and overnight continues on that way (PBT 3298), moving below yesterday's range, so these are the initial balance options for today's opening:
A) If market remains below LIS HVE 3318 with bearish internals, sell towards HVE 3302 GAP 3288 and HVE 3279.
B) If market moves above LIS HVE 3318 with bullish internals, buy towards HVEs 3338-3359 and ONH 3370.25
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 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
11:00 Survey of Business Uncertainty
11:30 2-Year FRN Auction
1:00 PM 5-Year Note Auction
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