Outlook 10/06: U.S. equity futures were little changed early Tuesday after the market had its strongest session in several weeks a day earlier. Traders were also waiting on a speech from Federal Reserve Chairman Jerome Powell, who is expected to tell the National Association of Business Economists that a new stimulus is needed to keep the economic recovery from stalling.
/ESZ20 Value: YVAH 3389 YPOC 3384 YVAL 3356 GAP 3393
/ES Plan: Last session market closed bullish (PBT 3422) but overnight looks more balanced, moving above yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS HVE 3398 with bullish internals, buy towards ONH 3403 HVE 3420 and PBT 3422
B) If market moves below LIS HVE 3398 with bearish internals, sell towards GAP 3393 HVE 3383 and ONL 3380.25
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 JOLTS
10:40 Fed's Powell Speech
12:00 PM Fed's Harker Speech
1:00 PM 3-Year Note Auction
2:00 PM Fed's Bostic Speech
6:00 PM Fed's Kaplan Speech
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