Outlook 10/15: U.S. stock index futures are following Asia and Europe into the red as risk-off sentiment pervades amid increasing tensions between Riyadh and Washington. The Kingdom has vowed an economic response "with greater action," should the U.S. impose sanctions against Saudi Arabia over the Khashoggi case. Crude warning?
/ESZ18 Value: YVAH 2779 YPOC 2769 YVAL 2752
/ES Plan: On Friday market closed bullish (PBT 2805) but overnight looks balanced (LIS 2760), moving within Friday's value. We're moving into 2796-2760 auction range, so we've these options:
A) If market remains above LIS 2760 with bullish internals, buy towards GAP 2768.75 ONH 2771.25 YVAH 2779 YHOD 2785.25 HVEs 2796-2808.
B) If market starts to move below 2760 with bearish internals, become a seller towards YVAL 2752 ONL 2745.25 and HVE 2742-2729-2719-2704.
Tips: What doesn't happen is often more important than what does. Friday's late rally needs to be confirmed breaking YVAH to avoid new wave of sellers pushing to recent lows around 2712.
Today's Economic Calendar
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Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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