Outlook 10/28: U.S. stock futures move higher for futures came despite a disappointing economic report on Thursday. GDP growth for the third-quarter came in at 2.0%, below the 2.8% expected. The reading marks a slowdown from 6.7% growth in the second quarter. On a more positive note for the economy, weekly initial jobless claims came in at 281,00 0 vs. 290,000 expected. The market will be getting more big earnings news, with tech giants Amazon and Apple reporting after closing bell.
/ESZ21: YVAH 4575 YPOC 4568 YVAL 4561 GAP 4547.25
/ES Plan: Yesterday market closed bearish, and overnight looks more balanced, still moving below Yesterday's range and value, so these're the opening and initial balance options for today:
A) If market moves above YVAL 4561 with bullish internals, buy towards YPOC 4568 YVAH 4575 and ATH 4590.
B) If market remains below YVAL 4561 with bearish internals, sell towards GAP 4547.25 and ONL-YLOD 4545-44.
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 (VAR)' comes into play.
Market Movers
10:00 Pending Home Sales
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
1:00 PM 7-Year Note Auction
4:30 PM Fed Balance Sheet
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