Outlook 10/08: Columbus Day. US stock markets will remain open. While equity traders will have to keep their eyes on their charts, the majority of banks and credit unions, as well as bond markets, will be closed. The risk-off sentiment that surfaced last week amid rising Treasury yields is still active, with U.S. stock index futures declining overnight before a busy week of American government debt sales.
/ESZ18 Value: YVAH 2901 YPOC 2891 YVAL 2874
/ES Plan: On Friday market closed balanced but overnight looks more bearish (GBT 2877), moving within friday's value. We're moving into 2907-2878 auction range, so we've these options:
A) If market remains below YPOC-LIS 2891 with bearish internals, try to sell towards ONL 2882.50 GBT 2877 YVAL 2874 and LVN 2867.
B) If market starts to move above YPOC-LIS 2891 with bullish internals, buy towards GAP 2894.25 ONH 2898.25 YVAH 2901 and HVE 2907.
Tips: Usually, markets tend to be thin on U.S. Banks Holidays; additionally, Japan and Canada markets are closed. The overnight high and low will be key references on the RTH morning session. Statistics favor an inside rotational day.
Today's Economic Calendar
2:30 PM TD Ameritrade IMX
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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