Outlook 10/31: European stocks advanced overnight, tracking a rebound across Asia, as U.S. futures extended gains on the last day of what's been one of the nastiest months for equities in years. The SP500 is off by 8% in October, on track for its worst showing since May 2010. Equity bulls will be hoping this rebound can last in November, though risks are simmering in the background, including upcoming earnings results, the U.S. jobs report and midterm elections.
/ESZ18 Value: YVAH 2670 YPOC 2653 YVAL 2646
/ES Plan: Yesterday market closed balanced but overnight looks more bullish moving above yesterday's value within 2700-2719 volume range, so we've these options:
A) If market remains above LVN 2700 with bullish internals, become a buyer towards HVEs 2719-2729-2742 and GAPs 2746.50-2756.
B) If market starts to move below 2700 with bearish internals, sell towards HVE 2684 ONL 2682 HVE 2620 YVAH 2670 and HVE 2652.
Tips: Be cautious on days like today; final trading day of the month. Market tends to be more erratic, there are often adjustments that are unrelated to short-term trading.
Today's Economic Calendar
09:45 Chicago PMI
10:30 EIA Petroleum Inventories
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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