Outlook 10/22: U.S. stock futures hover near record, but Nasdaq fall after disappointing tech earnings. Shares of Intel retreated more than 9% in premarket trading following a weaker-than-expected sales report. The semiconductor company blamed an industry-wide chip shortage for its revenue miss. Social media stocks also dropped in extended trading after Snap said its advertising business declined due to Apple’s privacy changes. Snap shares sunk more than 20% in premarket trading. Facebook and Twitter each pulled back more than 3% after hours.
/ESZ21: YVAH 4531 YPOC 4525 YVAL 4517 GAP 4539.75
/ES Plan: Yesterday market closed bullish, but overnight looks more balanced, still moving above Yesterday's value, so these're the opening and initial balance options for today:
A) If market remains above YVAH 4531 with bullish internals, buy towards GAP 4539.75 ONH 4548 ATH 4549.50 and PBT 4556.
B) If market moves below YVAH 4531 with bearish internals, sell towards ONL 4527.25 YVAL 4517 and HVEs 4511-4500-4484.
Note: Market opens above previous value area and if it remains above value, it is a clearly bullish signal. But, if market begins to trade within value with volume increasing, '
Value Area Rule (VAR)' comes into play. Remember that new record high has been printed overnight, so it's still pending to be revisited at regular trading hours.
Market Movers
9:45 PMI Composite Flash
10:00 Fed's Daly Speech
11:00 Jerome Powell Speech
1:00 PM Baker-Hughes Rig Count
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