Outlook 10/25: The selloff in U.S. stocks accelerated on Wednesday, wiping out gains for the year. It was the largest daily decline on Wall Street since 2011, but the volatility pendulum is attempting to swing back, with U.S. stock index futures posting gains ahead of the open. The needed boost is coming ahead of some big name earnings results today, including reports from Amazon and Google.
/ESZ18 Value: YVAH 2742 YPOC 2707 YVAL 2692
/ES Plan: Yesterday market closed bearish but Overnight looks slight bullish on a bimodal profile (LIS 2677). We're moving below yesterday's value into 2684-2652 volume range, so we've these options:
A) If market remains above LIS 2677 with bullish internals, buy towards HVE 2684 ONH-YVAL 2692 and HVEs 2704-2719-2729-2742.
B) If market starts to move below 2677 with bearish internals, be a seller towards GAP 2665 ONL 2658 HVE 2652-2620-2603-2586.
Today's Economic Calendar
10:00 Pending Home Sales
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
12:15 PM Richard Clarida Speech
01:00 PM 7-Year Note Auction
07:00 PM Fed's Mester Speech
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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