Outlook 10/03: After Tuesday's dire picture on manufacturing from the ISM, investors now await today's ISM services report and tomorrow's non-farm payrolls data to confirm or quash concerns about world economic growth. Ahead of the release, U.S. stock futures are little changed, indicating a balanced open.
/ESZ19 Value: YVAH 2903 YPOC 2889 YVAL 2875 GAP 2880.25
/ES Plan: Yesterday market closed bearish (PBT 2830) but overnight looks more balanced, moving within yesterday's value, so:
A) If market remains above LIS HVE 2883 with bullish internals, buy towards ONH 2894.50 HVE 2895 YVAH 2903 and HVE 2907.
B) If market moves below LIS HVE 2883 with bearish internals, sell towards GAP 2880.25 ONL 2878 HVE 2867 and PBT 2830.
Note: It's a busy day for Fed speakers, with five events on the calendar featuring talks by Chicago Fed President Charles Evans, Fed Governor Randal Quarles, Cleveland Fed President Loretta Mester, Dallas Fed President Robert Kaplan and Fed Governor Richard Clarida.
Today's Economic Calendar
09:45 PMI Services Index
10:00 ISM Non-Manufacturing Index
10:00 Factory Orders
10:30 EIA Natural Gas Inventory
12:10 PM Fed's Mester Speech
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
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