Outlook 10/29: U.S. stock futures dropped Friday, with the Nasdaq heading for the biggest loss at the open, as shares of Amazon and Apple sank in the premarket on disappointing quarterly results. In addition to following earnings, investors got a key read on inflation that's closely watched by the Federal Reserve. The September core personal consumption expenditures price index, which excludes food and energy costs, rose 3.6% from last year, matching the August increase that was the biggest in more than 30 years.
/ESZ21: YVAH 4585 YPOC 4580 YVAL 4568 GAP 4582.75
/ES Plan: Yesterday market closed bullish, but overnight looks more bearish, moving below Yesterday's value, so these're the opening and initial balance options for today:
A) If market moves above YVAL 4568 with bullish internals, buy towards YPOC 4580 GAP 4582 YVAH 4585 and ATH 4590.
B) If market remains below YVAL 4568 with bearish internals, sell towards ONL 4559.25 HVE 4550 GAP 4547 and YLOD 4545.
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.
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