Outlook 10/26: The market roller coaster is selling tickets again today as U.S. stock index futures post steep declines after a selloff in Asia and Europe. It follows a strong session for the three major U.S. indexes, though global stocks are still on track to record their worst weekly losing streak in five years. The latest snapshot of the American economy is also set to be released this morning, with U.S. Q3 GDP up 3.5% vs 3.4% growth expected. The U.S. economy grew at a faster-than-expected rate in the third quarter as inflation was kept in check and consumer spending surged, according to data released.
/ESZ18 Value: YVAH 2710 YPOC 2704 YVAL 2684
/ES Plan: Yesterday market balanced but Overnight looks slight bearish (GBT 2635) moving below YLOD 2667.50 within 2684-2652 volume range, so we've these options:
A) If market remains below YLOD 2667 with bearish internals, be a seller towards GAP 2665 HVE 2652 ONL 2646 GBT 2635 and HVEs 2620-2603.
B) If market starts to move above LIS 2667 with bullish internals, buy towards ONH 2680.75 HVE 2684 GAP 2685 and HVEs 2704-2719-2729.
Reminder: It's Friday and a week of hard work comes to an end. Don't try to make your week today. VIX is around 25 right now, so don't take trades above your risk limits. Respect the market.
Today's Economic Calendar
10:00 Consumer Sentiment
01:00 PM Baker-Hughes Rig Count
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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