Outlook 10/22: U.S. equity futures looks bullish after weekly jobless claims slump to the lowest level since the pandemic started in March. First-time claims for unemployment benefits totaled 787,000 last week, the lowest since March 14. Continuing claims again fell by more than 1 million. Part of the decline came due to an increase in filings under the Pandemic Unemployment Assistance emergency program.
/ESZ20 Value: YVAH 3444 YPOC 3434 YVAL 3427 GAP 3433.50
/ES Plan: Yesterday market closed bearish, but overnight looks slight bullish (PBT 3450), moving a few ticks below yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS HVE 3420 with bullish internals, buy towards GAP-ONH 3434 YVAH 3444 and HVE 3449.
B) If market moves below LIS HVE 3420 with bearish internals, sell towards ONL 3402.50 and HVEs 3398-3390-3383.
Note: Market opens below previous value area and if it remains below value, it is a clearly bearish signal. But, if market begins to trade within value with volume increasing, 'value area rule' comes into play.
Market Movers
10:00 Existing Home Sales
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
1:10 PM Fed's Daly Speech
1:10 PM Fed's Barkin Speech
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
6:00 PM Fed's Kaplan Speech
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