Slow and steady

Outlook 10/07: Stock futures fall as sluggish start to October continues. Last week was the fourth winning week in a row for all three averages, helped by a stronger-than-expected jobs report on Friday that gave more support to the idea that the Federal Reserve may pull off a “soft landing” for the U.S. economy. However, U.S. presidential election and the potential for so-called “October surprise” could keep market volatility elevated in the coming weeks. On the economic front, key releases in the week ahead include the Federal Reserve meeting minutes on Wednesday and the consumer price index report on Thursday. Earnings season also starts to heat up, with results from Delta Air Lines, JPMorgan and Wells Fargo due out Thursday and Friday.

ESZ24 (DEC2024): YVAH 5785 YPOC 5770 YVAL 5752 GAP 5800

/ES Plan: Last session market closed bullish, but Sunday reopening looks bearish (PBT 5748), moving within previous value, so these're the opening and initial balance options for today:

A) If market moves above YVAH 5785 with bullish internals, buy towards GAP 5800 ONH 5808 HVE 5824 and ATH-ETH 5830 magnet.

B) If market moves below YVAH 5785 with bearish internals, sell towards ONL 5762 YVAL 5752 PBT 5748 magnet and HVE-YLOD 5745.

Note: Overnight inventory is 100% bearish. The expected action is a counter-auction; failure to see the counter-auction would be an indication of potential bearish trend day. It's Monday, usually the quietest days of the week. Many traders want to take their time analyzing the market, and usually, there are few economic releases. 

Market Movers

1:50 PM Fed's Kashkari Speech

3:00 PM Consumer Credit

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