Outlook 11/08: U.S. stock futures are inching down after yesterday gains, when the Dow and SP500 notched record closing highs, as traders wait for the next catalyst to move stocks higher. Reports have suggested that the White House's plan to roll back China tariffs faces internal opposition, though President Trump said the two sides had come to a substantial "Phase One" trade deal on IP, financial services and big agricultural purchases.
/ESZ19 Value: YVAH 3095 YPOC 3092 YVAL 3085 GAP 3086.25
/ES Plan: Last session market closed leaving a bullish imbalance but overnight looks balanced, moving below yesterday's value, so:
A) If market remains below LIS 3085 with bearish internals, sell towards ONL-GAP 3077-3076 and HVE 3066.
B) If market moves above LIS 3085 with bullish internals, buy towards ONH 3090.50 ATH 3097 and PBT 3113.
Tips: It's Friday. Any kind of uncertainty here, with the market at all-time highs, it's easy for traders and institutions to press the sell button and take some money off the table ahead of long weekend holidays.
Today's Economic Calendar
10:00 Consumer Sentiment
10:00 Wholesale Trade
11:45 Fed's Daly Speech
01:00 PM Baker-Hughes Rig Count
Questions via @verniman direct message (RTH) or email (After Close).
Follow RTH updates using TweetDeck alerts
