Outlook 10/12: The Q3 earnings season kicks off in earnest today after a selloff on Wall Street. JPMorgan, Wells Fargo, Citigroup and PNC Financial will all report before the bell, with U.S. futures getting a big bump overnight pending the results. Corporate tax cuts, strength in the U.S. economy, rising oil prices and share buybacks are expected to fuel double-digit earnings growth, but analysts will also be watching how often companies mention tariffs hurting their profits.
/ESZ18 Value: YVAH 2788 YPOC 2775 YVAL 2750
/ES Plan: Yesterday market closed bearish but overnight looks bullish (GBT 2800), moving within yesterday's value. We're moving into 2796-2765 auction range, so we've these options:
A) If market remains above HVE 2765 with bullish internals, buy towards ONH 2785 YVAH 2788 and HVE 2796-2808-2815-2826-2842.
B) If market starts to move below 2765 with bearish internals, sell towards YVAL 2750 ONL 2746.25 and HVE 2742-2729-2719-2704.
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 above 20, so don't take trades above your risk limits. Respect the market and beware of volatility at any level.
Today's Economic Calendar
09:30 Fed's Evans Speech
10:00 Consumer Sentiment
12:30 PM Fed's Bostic 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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Glossary of terms
