Outlook 10/28: U.S. stock futures were pointing to a higher open, giving the SP500 another chance to break its record high. No economic data is on the calendar for today. However, in a week stacked with major events, the Fed's two-day meeting is likely to be the high point. The Federal Open Market Committee is expected to make its third quarter-point interest rate cut Wednesday afternoon, followed by comments form Fed Chairman Powell.
/ESZ19 Value: YVAH 3026 YPOC 3021 YVAL 3012 GAP 3020
/ES Plan: Last session market closed bullish and overnight continues on that way, moving above Yesterday's range, so:
A) If market remains above LIS YHOD 3026 with bullish internals, buy towards ATH-ONH 3029.50-3031.50 and PBT 3042.
B) If market moves below LIS YHOD 3026 with bearish internals, sell towards ONL 3022.75 GAP 3020 and HVE 3012.
Tips: Overnight inventory is 100% bullish. The expected action is a counter-auction relative to overnight inventory; failure to see the counter-auction would be an indication of a potential trend day.
Today's Economic Calendar
10:30 Dallas Fed Manufacturing Survey
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