Outlook 11/11: Stocks futures pointed to an opening pop after tech stocks bounced after two rough days. The Nasdaq closed in the red again Tuesday, down nearly 3% this week, in a rotation out of stay-at-home stocks after Pfizer's positive Covid-19 vaccine data Monday raised hopes that life may soon be able to return to some semblance of normal. The U.S. bond market is closed Wednesday for Veterans Day.
/ESZ20 Value: YVAH 3548 POC 3538 YVAL 3529 GAP 3546.25
/ES Plan: Yesterday market closed balanced, but overnight looks more bullish, moving above yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS 3563 with bullish internals, buy towards ONH 3574.25 and HVE 3589.
B) If market moves below LIS 3563 with bearish internals, sell towards GAP 3546.25 and ONL 3531.
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.
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