Outlook 11/02: U.S. stock futures are relatively flat waiting to see whether the Federal Reserve announces the start of tapering its bond purchases following its two-day meeting, which begins Today. However, the bigger story for markets is how the central bank will discuss inflation. Markets will be watching closely if the word ‘transitory’ has left the station. Investors would be shocked if they heard that word come up again.
/ESZ21: YVAH 4606 YPOC 4605 YVAL 4591 GAP 4604
/ES Plan: Yesterday market closed balanced, and overnight continues on that way, moving a few points above Yesterday's value, so these're the opening and initial balance options for today:
A) If market remains above HVE 4605 with bullish internals, buy towards ON 4609.75 ATH-ON 4619.50 and PBT 4625.
B) If market moves below HVE 4605 with bearish internals, sell towards ONL 4593.25 YVAL 4591 and HVE 4585.
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.
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