Outlook 10/29: U.S. stock index futures are staging a comeback despite lingering concerns over rate hikes, earnings and global growth. Stocks fell sharply on Friday as investors slogged through another volatile session on Wall Street, which saw the SP500 end at its lowest level since early May and flirt with correction territory. Traders are now eyeing reports from about a quarter of SP500 companies, which will release earnings in what will be the last big week for Q3 results.
/ESZ18 Value: YVAH 2673 YPOC 2662 YVAL 2647
/ES Plan: On Friday market closed balanced but week starts more bullish moving above YHOD 2692.75 within 2684-2700 volume range, so we've these options:
A) If market remains above LIS-YHOD 2692.75 with bullish internals, buy towards LVN 2700 and HVEs 2704-2719-2729-2742.
B) If market starts to move below 2692.75 with bearish internals, be a seller towards HVE 2684 GAP 2670 and ONL 2660.
Tips: Double digit gap below yesterday's close. Gap rules are in play: Larger gaps may not fill on the first day or may do so only partially. VIX climbed to 22.00 so don't take trades above your risk limits. You can't use tight stops on this enviroment.
Today's Economic Calendar
09:45 Fed's Evans Speech
10:30 Dallas Fed Manufacturing Survey
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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Glossary of terms
