Outlook 10/16: U.S. stock futures are pointing to a lower open, following gains in four of the past five days that have lifted the SP500 to their highest levels since Sept 19, and put the SP500 on pace for its largest yearly gain since 2013.
/ESZ19 Value: YVAH 3002 YPOC 2998 YVAL 2985 GAP 2998
/ES Plan: Yesterday market closed bullish but overnight looks more balanced, moving within yesterday's value, so:
A) If market remains below LIS HVE 2995 with bearish internals, sell towards ONL 2984.75 HVE 2980-2972 and GAP 2966.
B) If market moves above LIS HVE 2995 with bullish internals, buy towards ONH-GAP 2998 HVEs 3007-3018 and ATH 3029.50
Tips: Take trades leaning on key levels of edges (LIS/HVE/VAH/VAL), towards magnets (ONH/ONL/PBT/GAP) all levels that complete unfinished auctions from the current day or the previous day. After all these magnets have been filled leaving an excess high/low, market will return to value, unless volume shows poor high/low that suggests a value transition and a new cycle of balance/imbalance starts.
Today's Economic Calendar
10:00 Atlanta Fed's Business Inflation Expectations
10:00 Business Inventories
10:00 NAHB Housing Market Index
02:00 PM Fed's Beige Book
03:00 PM Fed's Brainard Speech
04:00 PM Treasury International Capital
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