Outlook 11/20: U.S. stock futures are pointing lower after President Trump's threat to raise tariffs on Chinese goods if Beijing does not make a deal on trade. China's foreign ministry today criticized the U.S., after the Senate unanimously passed a bill supporting Hong Kong protesters. The votes come as Beijing and Washington are trying to cement their tentative "phase one" trade deal. The Federal Reserve is due to release minutes today of its last meeting in a development that will pull back the curtain on just how much support there is for a long pause before any further interest rate actions.
/ESZ19 Value: YVAH 3124 YPOC 3120 YVAL 3117 GAP 3118.25
/ES Plan: Last session market closed bearish but overnight looks more balanced, still moving below Yesterday's range, so:
A) If market remains below LIS YLOD 3112.75 with bearish internals, sell towards ONL 3104.50 HVE 3104 and GAP 3097.25
B) If market moves above LIS YLOD 3112.75 with bullish internals, buy towards ONH 3116.75 GAP 3118.25 and ATH 3132.50
Tips: New record high was printed at overnight session. Remember that new highs printed during ETH sessions should be revisited at NYSE RTH.
Today's Economic Calendar
10:30 EIA Petroleum Inventories
02:00 PM FOMC minutes
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