X disappointed

Context: SP500 new high with financial stocks leading the charge, but gains were stunted by a decline in Apple shares after it unveiled its latest iPhone. Apple's suppliers slumped overnight after the new iPhone X disappointed with a later than expected shipping date, on Nov. 3. The $999 price tag could also dent demand for the device in some markets.

/ESZ7 Value: YVAH 2493 YPOC 2491.50 YVAL 2489

/ESZ7 Plan: Yesterday closed leaving a bullish 'p' shape (PBT 2497). Globex session has printed new all time high and stats say overnight new highs have big chances to be tested at RTH. Overnight inventory is bearish (GBT 2487) moving within yesterday's value, so we've 2 options:

A) If the market moves above YVAH 2493 with internals neutral or positive, try to be a buyer towards ONH 2495.50 and PBTs 2497 and 2503. Failure to take out ONH early is signal of weakness.

B) If market moves below YVAH 2493 with internals neutral or negative, try to be a seller towards YVAL 2489 GBT 2487 and CLVN 2483. Failure to breakdown YVAL early is signal of strength and potential for new ATH.

Tips: Stats show that if a market opens within previous value area and then remains into value increasing volume, there is an 80% chance that the market will rotate all the way to the other side of value.

Today's Economic Calendar

08:30 AM Producer Price Index
10:30 AM EIA Crude Inventories
01:00 PM 30-Year Note Auction
02:00 PM Treasury Budget

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