Outlook 10/19: Fears of rapidly rising rates have caused stock market chaos over the past week as volatility surges, with U.S. futures rising again this morning after a selloff on Thursday. Earnings season is also underway, which may cause more sudden moves as investors eye the quarterly results of big corporate names. On the economic data side, the monthly reading on existing home sales will be the highlight.
/ESZ18 Value: YVAH 2792 YPOC 2773 YVAL 2757
/ES Plan: Yesterday market closed bearish but overnight shows a bullish 'p' shape, moving within Yesterday's value. We're moving into 2783-2765 auction range, so we've these options:
A) If market remains above ON-HVE 2779 with bullish internals, buy towards HVE 2783 ONH 2786 YVAH 2792 and HVEs 2789-2796-2808.
B) If market starts to move below 2779 with bearish internals, become a seller towards GAP 2773 HVE 2765 YVAL 2757 and GAP 2748.
Reminder: It's Friday and a week of hard work comes to an end. Don't try to make your week today. VIX is still moving around 20, so don't take trades above your risk limits. Respect the market.
Today's Economic Calendar
10:00 Existing Home Sales
12:00 PM Fed's Bostic: Economic Outlook
12:45 PM Fed's Kaplan Speech
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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