Outlook 10/19: U.S. equity futures pointed to a gain at Monday's open as investors held out hope that lawmakers and the White House can agree on a new package of coronavirus economic relief. However, rising coronavirus cases capped those gains. President Trump said on Sunday he wanted a "bigger" stimulus package than even Speaker Pelosi, and suggested he "could quickly convince" Republicans to get on board.
/ESZ20 Value: YVAH 3500 YPOC 3492 YVAL 3482 GAP 3462.25
/ES Plan: Last session market closed bearish, but overnight looks slight bullish, moving within Friday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS YVAL 3482 with bullish internals, buy towards ONH 3496.50 YVAH 3500 and HVE 3511.
B) If market moves below LIS YVAL 3482 with bearish internals, sell towards ONL 3470 GAP 3462.25 and HVE 3449.
Note: Overnight inventory is neutral and market opens within previous value area, a signal of balanced market. Trading from responsive versus initiative would be preferred, so don't be 'too anxious'. If we're within value we want to have some patience until market shows a clear bias.
Market Movers
10:00 NAHB Housing Market Index
11:45 Fed's Clarida Speech
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