Outlook 11/20: U.S. stock futures pointed to a mixed open after Secretary Steve Mnuchin decided to cut Fed's lending power, although the decision could be reversed. "It was clear that congressional intent was that Fed Reserve lending facilities should expire at end of December. We have plenty of firepower left", he said. "Treasury has over $800B in outstanding capacity, That’s a ‘Pretty Good Bazooka’".
/ESZ20 Value: YVAH 3568 YPOC 3557 YVAL 3549 GAP 3575
/ES Plan: Yesterday market closed bimodal (LIS 3568), and overnight continues on that way, moving above yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS YVAH 3568 with bullish internals, buy towards ONH 3582.50 HVE 3588 and GAP 3629.
B) If market moves below LIS YVAH 3568 with bearish internals, sell towards YVAL 3549 (VAR) ONL 3544 and GAP 3538.
Note: Remember that record high has been printed overnight, so it's still pending to be revisited at regular trading hours.
Market Movers
9:30 Fed's Kaplan Speech
1:00 PM Baker-Hughes Rig Count
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