Outlook 11/10: U.S. stock futures fell Wednesday after this week's second major inflation report showed consumer prices soaring last month. One day after the October producer price index showed a surge at a record clip year over year, the government said Wednesday morning the October consumer price index jumped a great-than-expected 6.2% from last year, the fastest pace in more than 30 years.
/ESZ21: YVAH 4680 YPOC 4675 YVAL 4667 GAP 4676
/ES Plan: Yesterday market closed bearish (PBT 4651), and overnight continues on that way, moving below Yesterday's value, so these're the opening and initial balance options for today:
A) If market moves above YVAL 4667 with bullish internals, buy towards GAP 4676 YVAH-ONH 4680 and ATH 4711.75
B) If market remains below YVAL 4667 with bearish internals, sell towards ONL 4656.75 GAP 4651.50 and PBT 4650.
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 Wholesale Inventories
10:00 Atlanta Fed's Business Inflation Expectations
10:30 EIA Petroleum Inventories
12:00 PM EIA Natural Gas Inventory
1:00 PM 30-Year Note Auction
2:00 PM Treasury Statement
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