Outlook 11/21: In a short trading week, Today sets up to be the busiest day for investors with a decent run of earnings to note as third quarter earnings season tails off. On the economic calendar, the only significant report will be the October reading on existing home sales. Fed Chair Janet Yellen is scheduled to participate in a moderated discussion at the NYU Stern School of Business, where she's expected to discuss the direction of policy and Wall Street oversight in the years ahead. It comes after Yellen announced she would resign from the Fed's Board of Governors once Jerome Powell is sworn into the office, leaving yet another vacancy at the central bank.
/ES Value: YVAH 2583 YPOC 2581.50 YVAL 2580
/ES Plan: Yesterday market closed leaving a bullish imbalanced (PBT 2594). Overnight inventory is bullish within a multimodal profile, moving above yesterday's value, so we've 2 options:
A) If market remains above ON-VAH 2588 with internals rising, try to be a buyer leaning on 2588-89 towards PBT 2594 and ATH 2594.50 Failure to breakdown LIS early is a signal of a strength.
B) If market starts to move below ON-VAH 2588 with internals falling, try to be a seller leaning on 2588-86 towards YVAH 2583 and YVAL 2580. Failure to take out ONH 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 Existing Home Sales
06:00 PM Janet Yellen speech
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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