Outlook 10/31: U.S. stock futures were falling before the final session of October, following a Bloomberg report that Chinese officials were unsure they could reach a comprehensive long-term trade deal with the United States. Federal Reserve Chairman Jerome Powell said Wednesday that the central bank would need to see a sustained and significant uptick in price pressures before considering future rate hikes. He also detailed the Fed's decision to cut interest rates for the third time in 2019, saying that officials "see the current stance of monetary policy as likely to remain appropriate."
/ESZ19 Value: YVAH 3038 YPOC 3032 YVAL 3026 GAP 3048.25
/ES Plan: Yesterday market closed bullish printed a new record high after closing bell. Overnight looks bimodal (LIS 3044), still moving above Yesterday's value, so:
A) If market remains below LIS 3044 with bearish internals, sell towards YVAH 3039 ONL 3033.50 and HVE 3030.
B) If market moves above LIS 3044 with bullish internals, buy towards GAP 3048.25 ONH 3052 and ATH 3055.
Tips: Apple earnings added bullish fuel after RTH close, leaving new record high (3055). Remember that new highs printed during ETH sessions should be revisited at NYSE regular trading hours (RTH).
Today's Economic Calendar
09:45 Chicago PMI
10:30 EIA Natural Gas Inventory
03:00 PM Farm Prices
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
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