Outlook 11/25: U.S. stock index futures pointing to a bullish open after China announced it will raise penalties on violations of intellectual property rights and is exploring lower thresholds of criminal punishments for those who steal IP. Assuaging recent concerns, U.S. National Security Adviser Robert O'Brien also said on Saturday that an initial trade deal with China was still possible by the end of the year.
/ESZ19 Value: YVAH 3112 YPOC 3109 YVAL 3106 GAP 3111.75
/ES Plan: Last session market closed leaving a bullish imbalance (PBT 3121) which has been repaired on Sunday open. Overnight looks balanced, moving above Friday's range, so these are today's options:
A) If market remains above LIS YHOD 3114 with bullish internals, buy towards ONH 3121.25 ATH 3132.50 and PBT 3137.
B) If market moves below LIS YHOD 3114 with bearish internals, sell towards YVAH-GAP 3111.75 YVAL 3106 and HVE 3097.
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. Remember that new highs printed during ETH sessions should be revisited at NYSE regular trading hours (RTH).
Today's Economic Calendar
10:30 Dallas Fed Manufacturing Survey
01:00 PM 2-Year Note Auction
07:00 PM Jerome Powell Speech
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