After Minutes

Outlook: Minutes from FOMC's September meeting gave a little more time to the doves than most had expected, but markets continue to have a 75% chance of another rate hike before the end of the year. Many at the Fed aren't buying the company line that too-low inflation is due to transitory factors, according to the minutes. They would prefer waiting until the data clearly show the inflation rate moving towards its 2% target before hiking again. Others, however, believe another rate hike this year is appropriate, and markets believe this group, which no doubt includes Janet Yellen, has the upper hand at the FOMC.

/ES Value: YVAH 2553 YPOC 2552.75 YVAL 2548

/ES Plan: Yesterday market has printed new record high 'one tick' above the last record high, leaving more bullish imbalance towards PBT 2560. Overnight is bearish, moving within yesterday's value so we've 2 options:

A) If market moves above YVAL 2548 with volume rising, try to be a buyer leaning on 2548 and 2551 towards GAP-YPOC 2552.75 and PBTs 2560-62. Failure to take out ONH early is signal of weakness.

B) If market moves below YVAL 2548 with volume falling, try to be a seller leaning on 2547 towards LVN 2538.50 GAP 2536 and LVN 2534. Failure to breakdown ONL early is signal of a strength.

Link for Updates (Check it during RTH session)

Today's Economic Calendar

09:45 AM Bloomberg Consumer Comfort Index
10:30 AM EIA Natural Gas Inventory
10:30 AM Fed's Brainard speech
10:30 AM Fed's Powell speech
11:00 AM EIA Petroleum Inventories
01:00 PM 30-Year Bond Auction
07:00 PM Fed's Bostic speech

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

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