Outlook 11/04: U.S. stock futures are little changed after the major averages closed at records following commentary from the Federal Reserve in the prior session. The central bank said it will begin to slow its bond-buying program, signaling that the economy can now handle an unwinding of pandemic stimulus. Investors had long anticipated the move and liked that the Fed did not signal it would be any more aggressive than necessary in raising interest rates once the bond tapering was finished next year.
/ESZ21: YVAH 4641 YPOC 4618 YVAL 4613 GAP 4651.50
/ES Plan: Yesterday market closed bullish, and overnight continues on that way, moving above Yesterday's range-value, so these're the opening and initial balance options for today:
A) If market remains above ATH 4657 with bullish internals, buy towards ONH 4662.50 and PBT 4667.
B) If market moves below ATH 4657 with bearish internals, sell towards GAP-ONL 4651 and YVAH 4641.
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
10:30 EIA Natural Gas Inventory
1:50 PM Fed's Quarles Speech
4:30 PM Fed Balance Sheet
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