Outlook 11/30: All eyes will be on the stock market following Wednesday's wild action that saw tech stocks tank while telecom and financial stocks rallied. Shares of Amazon.com, Apple, Google parent Alphabet Facebook and Netflix slid between 2 percent and 5.5 percent. Asia's bellwether Samsung then slumped 4.3 percent to two-month lows.
/ES Value: YVAH 2628 YPOC 2625.25 YVAL 2622
/ES Plan: Yesterday market closed leaving a bearish imbalanced, printing new record high 2635.25 Overnight inventory is bullish (GBT 2644), moving above Yesterday's value, but we've a new record high, pending to be visited on regular trading hours, so we've these options:
A) If market remains above YVAH 2628 with bullish internals, try to be a buyer leaning on 2628-2630.50 towards ONH-ATH 2635.25 and GBT 2644. Failure to breakdown LVN 2630.50 early is a signal of a strength.
B) If market starts to move below YVAH 2628 with bearish internals, try to be a seller leaning on 2628-2630 towards POC-GAP 2625.25 and YVAL 2622. Failure to take out ONH early is a signal of weakness.
Tips: Watching at the bigger picture, market shows decent excess on these highs. Usually, market needs an excess high to call an end to the current bullish auction, but don't try to be a seller against the current bullish trend until steps of the ladder are broken (LVNs 2630.50-22-19).
Today's Economic Calendar
10:30 AM EIA Natural Gas Inventory
03:00 PM Farm Prices
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
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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