Outlook 11/17: U.S. stock futures declined on Tuesday morning after the two major market benchmarks closed at record levels. Futures extended losses after data showed retail sales increased less than expected in October. Retail sales rose 0.3% last month, versus a 0.5% gain expected. Tesla soared on news that it would finally be added to the SP500 index. "Rotation" is still a word that's being tossed around on the Street, though it may be more like "catch-up," with so much money sitting on the sidelines.
/ESZ20 Value: YVAH 3619 POC 3611 YVAL 3603 GAP 3629.25
/ES Plan: Yesterday market closed bullish, but overnight seems on a pullback, moving below yesterday's range, so these are the initial balance options for today's opening:
A) If market remains below LIS YVAL 3603 with bearish internals, sell towards ONL 3593 and GAP 3581.25.
B) If market moves above LIS 3603 with bullish internals, buy towards YVAH 3619 (VAR) and ONH-GAP 3630.
Note: Overnight inventory is 100% bearish. The expected action is a counter-auction relative to overnight inventory; failure to see the counter-auction would be an indication of a potential trend day. Remember that record high has been printed overnight, so it's still pending to be revisited at regular trading hours.
Market Movers
10:00 Business Inventories
10:00 NAHB Housing Market Index
1:00 PM Fed's Bostic Speech
1:25 PM Fed's Daly Speech
2:00 PM Fed's Williams Speech
2:35 PM Fed's Daly Speech
2:35 PM Fed's Bostic Speech
2:35 PM Fed's Rosengren Speech
2:50 PM Fed's Daly Speech
2:50 PM Fed's Rosengren Speech
3:00 PM Fed's Barkin Speech
4:00 PM Treasury International Capital
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