Outlook 10/05: U.S. equity futures rose Monday as investors cheered what appeared to be improvements in President Donald Trump’s health and the prospect that he may be discharged from Walter Reed hospital later in the session. Investors would likely be relieved to learn of the president’s departure from the facility as it would ease uncertainty about Trump’s Covid-19 prognosis and the functioning of the U.S. government during the already-chaotic election season.
/ESZ20 Value: YVAH 3359 YPOC 3348 YVAL 3332 GAP 3339.50
/ES Plan: Last session market closed bullish (PBT 3396) and overnight continues on that way (PBT 3375), moving above Friday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS HVE YVAH 3359 with bullish internals, buy towards ONH 3367.75 HVE 3383 and PBT 3396
B) If market moves below LIS HVE YVAH 3359 with bearish internals, sell towards ONL 3346.50 GAP 3339.50 and HVE 3331.
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
9:45 PMI Composite Final
10:00 ISM Non-Manufacturing Index
12:30 PM TD Ameritrade IMX
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