FOMC Day

Outlook 11/05: U.S. equity futures point to upside as tech mega-caps continue to be the big gainers across the board following a razor-thin election and outstanding political uncertainty. Some traders are saying the rally over the last 24 hours is due to less regulatory risk (due to a divided White House and Congress), making major policy changes difficult to enact. Others feel the broad selloff last week is getting many traders off the sidelines, while some believe their presidential candidate and agenda would be a net positive for equities.

/ESZ20 Value: YVAH 3480 POC 3457 YVAL 3405 GAP 3436.50

/ES Plan: Yesterday market closed bullish (PBT 3595), and overnight continues on that way (PBT 3568), moving above yesterday's value, so these are the initial balance options for today's opening:

A) If market remains above LIS HVE YVAH 3480 with bullish internals, buy towards HVE 3497 ONH 3508.50 HVEs 3511-3541 GAP 3579 and ATH 3587.

B) If market moves below LIS HVE YVAH 3480 with bearish internals, sell towards YPOC 3457 GAP 3436.50 ONL 3428.25 YVAL 3405 and HVE 3400.

Note: FOMC days are two separate sessions. The AM session tends to involve a tightening price range and lower activity. Trade setups that work well in the AM, may fail completely in the afternoon, resulting in significant losses. Today is NOT the day to trade aggressively. 

Market Movers

10:30 EIA Natural Gas Inventory

2:00 PM FOMC Announcement

2:30 PM Chairman Press Conference

4:30 PM Money Supply

4:30 PM Fed Balance Sheet

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