Outlook 11/01: U.S. stock futures set to start November higher. While the November-December stretch has historically been positive for stocks, this year's bullish tone could be tested as the Federal Reserve starts its two-day November meeting Tuesday. Central bankers are expected to announce the beginning of a tapering of Covid-era bond purchases. Friday brings the government's October employment report.
/ESZ21: YVAH 4601 YPOC 4592 YVAL 4575 GAP 4600
/ES Plan: Last session market closed bullish, and overnight continues on that way, moving above Friday'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 ATH-ON 4619.50 and PBT 4625.
B) If market remains below HVE 4605 with bearish internals, sell towards YVAH-GAP 4601 and YVAL 4575.
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 Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
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