Apple Big Event

Context: Stock Index Futures all moving higher, as the UN voted unanimously for fresh sanctions against North Korea. The measures will cap oil imports to the isolated country, impose an embargo on all textile trade, and require inspections and monitoring of Pyongyang vessels. Markets are looking to Apple to help extend the market rally. The tech giant is expected to unveil its widely anticipated iPhone X starting at 1pm ET, during an inaugural event at its new Cupertino campus.

/ESZ7 Value: YVAH 2486 YPOC 2485.50 YVAL 2480

/ESZ7 Plan: Yesterday closed leaving a bullish 'p' shape (PBTs 2496-2503) after one way trend session. Globex session has printed new all time high and stats say overnight new highs have big chances to be tested at regular trading hours. Overnight inventory is bullish and we're moving above yesterday's value so we've 2 options:

A) If the market moves above YVAL-Edge 2480 and remains above on subsequent tests, try to be a buyer leaning on steps 2488.25-2483.25-2480 towards ONH 2491 PBTs 2496 and 2503. Internals (AD+VOL) should be neutral or positive.

A) If market moves below YVAL-Edge 2480 and remains below on subsequent tests, try to be a seller leaning on steps 2480-2478-2476-2471.50 towards half gap 2467.50 and GAP-CLVN 2461. Internals (AD+VOL) should be neutral or negative.

Tips: Yesterday was a big trend day up and we all know that it's hard to get aboard early on a trend day. Days after trend are usually more friendly. Market tends to move back and forth as the auction works to re-establish balance after a large trend day move.

Today's Economic Calendar

08:55 AM Redbook Chain Store Sales
10:00 AM JOLTS
01:00 PM 10-Year Note Auction
01:00 PM Apple Big Event

Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.