Outlook 11/20: After indexes lost ground for the second week in a row, markets in the U.S. will be facing a shortened holiday trading week and a light economic calendar. U.S. markets will be closed on Thursday in observation of Thanksgiving and will re-open for half-day on Friday in what should be some of the lightest-volume trading of the year.
/ES Value: YVAH 2582 YPOC 2581 YVAL 2579
/ES Plan: Friday market closed balanced. Overnight inventory is bimodal (LIS 2574), moving few ticks below yesterday's value, so we've 2 options:
A) If market remains above LIS 2574 with internals rising, try to be a buyer leaning on 2574-79 towards YVAH 2582 and GAPs 2585.25-2591.25 Failure to breakdown 2574 early is a signal of a strength.
B) If market starts to move below LIS 2574 with internals falling, try to be a seller leaning on 2574 towards GAPs 2565 and LVN 2562. Failure to take out ONH 2586 early is a signal of weakness.
Tips: Remember ATH 2594.50 has been made at Globex session, and we know that ATH printed in the overnight session has usually been revisited during regular trading hours.
Today's Economic Calendar
10:00 AM Leading Indicators
Link for Updates (Check it during RTH session)
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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