Outlook 11/04: U.S. stock futures printed a new record high at the overnight session. There's lots of optimism surrounding trade. U.S. Commerce Secretary Wilbur Ross said positive talks being held with automakers in Europe and Japan may mean tariffs could be avoided on cars being imported into the U.S., while licenses for American firms to sell to Huawei will be granted "very shortly."
/ESZ19 Value: YVAH 3065 YPOC 3060 YVAL 3054 GAP 3063.25
/ES Plan: Last session market closed leaving a bullish imbalance and overnight continues on that way, moving above Friday's range, so:
A) If market remains above LIS 3076 with bullish internals, buy towards ONH 3083.75 and PBTs 3086-3091
B) If market moves below LIS 3076 with bearish internals, sell towards ONL 3064.75 and GAP 3063.25.
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
10:00 Factory Orders
12:30 PM TD Ameritrade IMX
03:00 PM Fed's Daly Speech
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