Powell testimony

Outlook 09/28: U.S. stock futures are sliding in Tuesday's premarket, indicating further September losses with just three days left in one of the historically weakest months of the year. Fed Chairman Jerome Powell, in remarks prepared for Tuesday's Senate Banking Committee hearing, cautioned lawmakers that the causes of the recent rise in inflation may last longer than anticipated. The remarks are part of mandated testimony Powell must give to Congress regarding the Fed's economic response to the Covid pandemic. He goes before the House Financial Services Committee on Thursday. 

/ESZ21: YVAH 4441 YPOC 4433 YVAL 4430 GAP 4432.25

/ES Plan: Yesterday market closed bearish, and overnight continues on that way, moving below Yesterday's range, so these're the opening and initial balance options for today:

A) If market moves above HVE 4406 with bullish internals, buy towards HVE 4423 GAP 4432.25 and ONH 4442.

B) If market remains below HVE 4406 with bearish internals, sell towards ONL 4388 HVEs 4385-4365 and GAP 4334.

Note: Overnight inventory is 95% bearish. The expected action is a counter-auction relative to overnight inventory; failure to see the counter-auction would be an indication of potential trend day.

Market Movers

10:00 Consumer Confidence

10:00 Richmond Fed Mfg.

1:00 PM 7-Year Note Auction

1:00 PM Money Supply

1:40 PM Fed's Bullard Speech

3:00 PM Fed's Bostic Speech

7:00 PM Fed's Bullard Speech

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