Outlook 10/30: The story for markets on Tuesday isn't likely to vary from what we saw yesterday or what has come to define the month of October. Markets under pressure as the U.S. is preparing to announce by early December tariffs on all remaining Chinese imports if talks next month between presidents Donald Trump and Xi Jinping fail to ease the trade war. The big corporate event will be earnings out of Facebook, which are set for release after the market close.
/ESZ18 Value: YVAH 2706 YPOC 2677 YVAL 2650
/ES Plan: Yesterday market closed bearish but overnight looks more balanced moving below HVE 2652 within 2652-2620 volume range, so we've these options:
A) If market remains below HVE 2652 with bearish internals, be a seller towards GAP 2643 ONL 2636.25 HVE 2620 and YLOD 2603.
B) If market starts to move above 2652 with bullish internals, buy towards ONH 2664.25 HVE 2684 LVN 2700 and HVEs 2704-2719.
Tips: Funds/Institutions often have large orders to be executed and use a hidden algorithmic type of order known as an Iceberg, that works by placing a small portion of the entire order, and once this is executed, quickly adding another small portion. This reloading can be very fast and increases tape speed without price moving too fast.
Today's Economic Calendar
10:00 Consumer Confidence
10:00 State Street Investor Confidence Index
03:00 PM Farm Prices
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
Questions? Just ask via email or twitter @verniman direct message.
Glossary of terms
