Outlook 11/13: Monday's broad market rout cannot be blamed exclusively on Apple and chipmaker worries, with global growth (as well as the Fed) appearing to influence sentiment. That's getting a boost this morning on reports that China's Vice Premier Liu He and U.S. Treasury Secretary Steven Mnuchin spoke by phone for the first time in months about a possible deal that would ease trade tensions. Liu is also expected to visit the U.S. for talks ahead of a planned Trump-Xi meeting at the G20 summit on Nov. 30.
Crude is another leg lower this morning, slipping over 2% to $58/bbl, following the latest comments from President Trump. "Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!" he wrote on Twitter. On Monday, U.S. WTI crude prices fell for the 11th consecutive session, the most on record since the contract began trading.
/ESZ18 Value: YVAH 2750 YPOC 2739 YVAL 2726 GAP 2728.75
/ES Plan: Yesterday market closed leaving a bearish imbalance (PBT 2686). Overnight looks more bullish (HVE 2765), moving within Yesterday's value and 2745-2729 range, so today's options:
A) If market remains above HVE 2729 with bullish internals, become a buyer towards HVE 2745 YVAH-ONH 2750 HVE 2765 and GAP 2779.
B) If market starts to move below 2729 with bearish internals, be a seller towards ONL-HVE 2719 LVN 2700 PBT 2686 and GAP 2684.
Today's Economic Calendar
10:00 Fed's Bralnard Speech
10:00 Fed's Kashkari Speech
02:00 PM Treasury Budget
02:20 PM Fed's Harker Speech
05:00 PM Fed's Mary Speech
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
