Outlook 11/07: U.S. stock futures were jumping after Chinese officials said that Washington and Beijing would begin to remove tariffs in phases. Chinese officials also said both sides were closer to cementing last month's "phase one" trade agreement following constructive negotiations over the past two weeks. However, there were reports Wednesday that an anticipated meeting between President Trump and President Xi Jinping could be postponed until December.
/ESZ19 Value: YVAH 3075 YPOC 3073 YVAL 3069 GAP 3075.75
/ES Plan: Last session market closed leaving a bullish imbalance and overnight continues on that way, moving above yesterday's range, so:
A) If market remains above LIS 3085 with bullish internals, buy towards ATH 3092.50 and PBT 3107.
B) If market moves below LIS 3085 with bearish internals, sell towards GAP 3075.75 and ONL 3070.25
Tips: Overnight inventory is bullish. The expected action is a counter-auction; 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 EIA Natural Gas Inventory
01:00 PM 30-Year Note Auction
01:05 PM Fed's Kaplan Speech
03:00 PM Consumer Credit
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
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