Irma Update

Context: Futures closed with modest gains as congressional leaders and Pres. Trump agreed to extend the debt limit and fund the government until at least mid-December. If passed, the proposal would put an end-of-the-year showdown on the table and could complicate Republicans goal of getting tax reform done by year-end.

/ES Recap: Today closed leaving a bullish imbalance (PBT 2471) after testing CLVN 2461. LVN 2465 has been the 'line in the sand'. Market moved below 2465 during initial balance but internals remained positive. Then rumours about debt ceiling deal opened the gate for a reversal. So buyers leaned on steps 2461-2463-2465 seeking new highs and finally hit 2469 (HOD) and closed at 2466. North Korea nuclear test was a news-driven event so Scene of Crime (SoC 2474) is still into play. ECB Draghi conference 8:30am ET could add fuel after U.S. session.

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