Outlook 10/18: U.S. stock futures were trading in a narrow range and pointing to an uncertain open this morning, but the weekly numbers are pointing higher. China released third-quarter GDP figures today that showed the economy grew 6% from a year ago, the lowest in at least 27 years. Economists are pessimistic about the immediate outlook for China, though retail sales were up 7.8% from a year ago and industrial output rose 5.8% in the same period.
/ESZ19 Value: YVAH 3005 YPOC 2998 YVAL 2995 GAP 2998
/ES Plan: Yesterday market closed balanced but overnight looks bullish (PBT 3005), moving within yesterday's value, so:
A) If market remains above LIS HVE 2995 with bullish internals, buy towards ONH 3001.25 HVE 3007-3012-3018.
B) If market moves below LIS HVE 2995 with bearish internals, sell towards ONL-HVE 2989 HVE 2980 and GAP 2966.
Tips: Take trades leaning on volume edge levels (LIS/HVE/VAH/VAL), towards magnets targets (ONH/ONL/PBT/GAP) all levels that complete unfinished auctions from the current day or the previous day. Use edge levels as mental stops, if the flow of orders plays against the position. Also, use an emergency stop (-20/30 ticks) for any unexpected event.
Today's Economic Calendar
10:00 Fed's George Speech
10:00 Fed's Kaplan Speech
10:00 Leading Indicators
10:30 Fed's Kashkari Speech
11:30 Fed’s Clarida Speech
01:00 PM Baker-Hughes Rig Count
05:10 PM Fed's Kaplan Speech
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