Outlook 11/16: U.S. stock index futures are set to open in the red, hit by disappointing results from Nvidia that slugged the tech sector. The chipmaker forecast disappointing sales for the holiday quarter, pinning the blame on unsold inventory after the evaporation of the crypto mining boom. It started with Apple, then Nvidia. Performances of these companies set the tone for the global tech and chip industries.
/ESZ18 Value: YVAH 2735 YPOC 2729 YVAL 2695 GAP 2735.50
/ES Plan: Yesterday market closed bimodal. Overnight looks more balanced, moving within Yesterday's value and 2729-2719 range, so:
A) If market remains above HVE 2719 with bullish internals, buy towards HVE 2729 ONH 2732.25 GAP 2735 and HVE 2745.
B) If market starts to move below 2719 with bearish internals, be a seller towards ONL 2708.75 LVN 2700 and HVE 2684.
Reminder: It's Friday and a week of hard work comes to an end. Don't try to make your week today.
Today's Economic Calendar
11:00 Kansas City Fed Mfg Survey
11:30 PM Fed's Evans 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
