Vaccine doubts

Outlook 11/10: Stocks futures decelerated overnight after ending Monday's session off highs that saw some of the biggest intraday jumps since April. Knee-jerk selling could be following knee-jerk buying, but some vaccine questions still remain, including production and distribution, how long it will protect against infection and how well it will work in the elderly. Tensions over the size of a coronavirus stimulus package also resurfaced as lawmakers reconvened following the election, while President Trump continues to challenge the results of the national vote. 

/ESZ20 Value: YVAH 3643 POC 3601 YVAL 3589 GAP 3551.25

/ES Plan: Last session market closed bearish, and overnight continues on that way, moving below yesterday's value, so these are the initial balance options for today's opening:

A) If market remains below LIS 3541 with bearish internals, sell towards ONL 3511.25 and HVEs 3509-3497-3480-3449.

B) If market moves above LIS 3541 with bullish internals, buy towards GAP 3551.25 ONH 3562.75 and HVE-YVAL 3589.

Note: Market opens below previous value area and if it remains below value, it is a clearly bearish signal. But, if market begins to trade within value with volume increasing, 'value area rule' comes into play.

Market Movers

10:00 Job Openings and Labor Turnover Survey

10:00 Fed's Rosengren Speech

1:00 PM 10-Year Note Auction

2:00 PM Fed's Quarles Testimony

4:00 PM Fed's Rosengren Speech

5:00 PM Fed's Brainard Speech

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