Outlook 10/24: Stocks across the globe saw some relief overnight, though equities in the U.S. are still spooked with volatility returning to the market. Wall Street's three major indexes slumped early Tuesday, but ended well off the day’s lows as investors snapped up beaten-down shares late in the session. Futures are now posting declines ahead of the open amid worries over rising rates and tariff impacts on U.S. earnings.
President Donald Trump escalated his attacks on Federal Reserve Chairman Jerome Powell, saying the head of the nation’s central bank threatened U.S. economic growth and appeared to enjoy raising interest rates. In an interview Tuesday, Trump acknowledged the independence the Fed has long enjoyed in setting economic policy, while also making clear he was intentionally sending a direct message to Powell that he wanted lower interest rates.
/ESZ18 Value: YVAH 2729 YPOC 2715 YVAL 2696
/ES Plan: Yesterday market closed bimodal (LIS 2736). Overnight looks slight bullish on a bimodal profile (LIS 2736). We're moving above yesterday's value into 2729-2742 volume range, so we've these options:
A) If market remains above LIS 2736 with bullish internals, buy towards HVE 2742 GAP 2746.50 ONH 2750 GAP 2756 and HVE 2765.
B) If market starts to move below 2736 with bearish internals, be a seller towards HVEs 2729-2719 LVN 2700 and HVE-YLOD 2692.
Today's Economic Calendar
09:45 PMI Composite Flash
10:00 Fed's Bostic Speech
10:00 New Home Sales
10:30 EIA Petroleum Inventories
11:30 Fed's Bullard Speech
12:30 PM Fed's Mester Speech
01:00 PM 5-Year Note Auction
02:00 PM Fed's Beige Book
02:00 PM Fed's Bostic Speech
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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