Outlook 10/03: Following Federal Reserve Chairman Jerome Powell's description yesterday of the U.S. economic outlook as "remarkably positive," market watchers are on the lookout for more Fedspeak. Speeches from seven Fed officials are on the radar today, just one week after the central bank hiked rates and signaled upcoming gradual increases. Powell will again take the podium, participating in discussion before The Atlantic Festival in Washington D.C. at 4:00 p.m. ET.
/ESZ8 Value: YVAH 2932 YPOC 2928 YVAL 2924
/ES Plan: Yesterday market closed balanced and overnight looks more bullish, moving above yesterday's range, so we've these options:
A) If market remains above YHOD 2936 with bullish internals, try to buy towards ONH 2939.75 GBT 2944 and ATH 2947.
B) If market starts to move below 2936 with bearish internals, sell towards YVAH 2932 GAP 2928.75 and ONL 2925.75.
Tips: We'll open out of previous day range. Trend days usually start outside of range of prior session. It's not uncommon to happen via a gap and it happens immediatly. Most common error is fading a trend day.
Today's Economic Calendar
09:45 PMI Services Index
10:00 ISM Non-Manufacturing Index
10:30 EIA Petroleum Inventories
12:00 PM Fed's Harker speech
01:00 PM Fed's Brainard speech
02:15 PM Fed's Mester speech
04:00 PM Jerome Powell speech
08:00 PM Fed's Kaplan speech
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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