Outlook 10/16: U.S. equity futures are holding steady as investors pull back from the big technology stocks that have helped drive the market this year. On-again, off-again stimulus talks, as well as risks of a second wave of coronavirus infections, have put a lot of money on the sidelines, while traders also appear reluctant to make any big bets until after the election, when the risk of contested results has been eliminated. The big news today is retail sales, that double estimate.
/ESZ20 Value: YVAH 3466 YPOC 3456 YVAL 3438 GAP 3475.50
/ES Plan: Yesterday market closed bullish, and overnight continues on that way (PBT 3500), moving above yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS HVE 3480 with bullish internals, buy towards ONH 3491.50 and HVEs 3511-3541.
B) If market rmoves below LIS HVE 3480 with bearish internals, sell towards ONL 3470.25 and HVE 3449-3433.
Note: 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
10:00 Business Inventories
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
1:35 PM Fed's Bullard Speech
2:00 PM Treasury Budget
4:00 PM Treasury International Capital
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