Outlook 10/26: U.S. stock futures are pointing higher ahead of the open. Investors are now setting their eyes on the Q3 results of technology stocks, which have a weighting of nearly 30% in the SP500. today are high-profile names like Alphabet and Microsoft, as well as AMD, Twitter, Chubb and Robinhood. With markets at all-time highs, the bar is indeed quite high and tech will need to impress to help justify stocks at current levels.
/ESZ21: YVAH 4565 YPOC 4559 YVAL 4543 GAP 4559.75
/ES Plan: Yesterday market closed bullish (PBT 4595), but overnight looks bimodal (LIS 4573), moving well above Yesterday's range, so these're the opening and initial balance options for today:
A) If market remains above LIS 4573 with bullish internals, buy towards ATH-ON 4580.75 and PBT 4595.
B) If market moves below 4573 with bearish internals, sell towards YVAH 4565 ONL 4561.50 and GAP 4559.75
Note: Overnight inventory is 100% bullish. 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.
Remember that new record high has been printed overnight, so it's still pending to be revisited at regular trading hours.
Market Movers
10:00 New Home Sales
10:00 Consumer Confidence
10:00 Richmond Fed Mfg.
1:00 PM 2-Year Note Auction
1:00 PM Money Supply
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