Outlook 10/30: U.S. stock futures were little changed ahead of FOMC interest rate decision and policy statement this afternoon. FOMC is expected to cut interest for the third time this year (to a new range of between 1.5% and 1.75%), while signaling that it is done for now. Watch for Jerome Powell's presser to see if he takes a page from the Greenspan playbook. His mentor cut rates three times in midcycle adjustments in 1995-1996, and again in 1998, to counter economic risks.
/ESZ19 Value: YVAH 3041 YPOC 3035 YVAL 3033 GAP 3035.50
/ES Plan: Yesterday market closed balanced and overnight continues on that way), moving within Yesterday's value, so:
A) If market remains above LIS 3036 with bullish internals, buy towards ONH 3039 YVAH 3041 ATH 3046.25 and PBT 3054.
A) If market moves below LIS 3036 with bearish internals, sell towards ONL 3032 and HVEs 3030-3025-3019-3012-3007.
Note: FOMC day. It’s best to treat FOMC days as two separate sessions. The time before the announcement, which tends to involve a tightening price range and lower activity. Trade setups that work well in the AM, may fail completely in the afternoon, resulting in significant losses. If you've a winner morning, I suggest to avoid FOMC 'cowboy' session.
Today's Economic Calendar
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
11:00 Survey of Business Uncertainty
02:00 PM FOMC Announcement
02:30 PM Chairman Press Conference
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