10yr above 5%

Outlook 10/20: U.S. stock futures slip as 10-year Treasury yield crosses 5% for the first time since 2007. Stocks were rattled Thursday after Fed Chair Jerome Powell said inflation remains too high and lower economic growth will likely be needed to bring it down. Powell also said he doesn’t think rates are too high now. Though Powell did not commit to a path forward for rates at his speaking engagement, the market seems to think the central bank will skip a hike in November. Fed fund futures pricing reflects a nearly 99% likelihood that the central bank will keep rates the same at the conclusion of its November meeting.

/ESZ23 (Dec 2023): YVAH 4355 YPOC 4332 YVAL 4325 GAP 4294.50

/ES Plan: Yesterday's market closed bearish, but overnight looks more balanced, moving below previous value, so these're the opening and initial balance options for today:

A) If market moves above HVE-YLOD 4293 with bullish internals, buy towards HVE-ONH 4305 HVE 4313 YVAL 4325 and YVAH 4355.

B) If market moves below HVE-YLOD 4293 with bearish internals, sell towards ONL 4282 HVEs 4277-4261-4250 and GAP 4231.

Note: Market opens below value and if it begins to trade within value, Value Area Rule VAR comes into play. It's Friday and traders who have made losses that week will likely take large risks to try and end the week with a profit. Try to be calm and focus on the market rather than thinking about your account.

Market Movers

12:15 PM Fed's Mester Speech

1:00 PM Baker Hughes Rig Count 

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