Seeking Bias

Outlook 09/28: U.S. stock futures turned higher overnight following heavy losses seen in the previous session. Inflation and the prospect of higher interest rates are prompting investors to dump government bonds and reposition their stock portfolios. The Fed meeting last week indicated a willingness to respond to growing inflationary pressures by lifting borrowing costs as soon as next year, as well as tapering bond buying as soon as November. Fed Chair Jerome Powell participates in a policy panel discussion before virtual European Central Bank Forum on Central Banking at 11:45am ET.

/ESZ21: YVAH 4372 YPOC 4355 YVAL 4338 GAP 4346

/ES Plan: Yesterday market closed bearish (PBT 4270), but overnight looks more balanced, moving within Yesterday's value, so these're the opening and initial balance options for today:

A) If market moves above HVE 4363 with bullish internals, buy towards ONH 4378.75 HVEs 4385-4406-4423 and GAP 4432.25

B) If market remains below HVE 4363 with bearish internals, sell towards ONL 4345.25 GAP 4334.50 HVE 4313 and PBT 4270.

Note: Market opens inside value, so don't be 'too anxious' to trade early. Bad trades occur when you try to force things to happen, don’t force it. 

Market Movers

10:00 Pending Home Sales

10:00 State Street Investor Confidence Index

10:30 EIA Petroleum Inventories

11:00 Survey of Business Uncertainty

11:45 Jerome Powell Speech

1:00 PM Fed’s Daly Speech

2:00 PM Fed’s Bostic Speech

5:00 PM Fed’s Williams Speech

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