FOMC starts

Janet Yellen is likely presiding over one of her final meetings as the FOMC begins its latest two-day policy get-together. Fed Governor Jerome Powell is widely expected to be named chair; he has been seen as closest to Yellen of all the candidates and is set on normalizing interest rates. The Fed is not expected to take any actions when it releases its statement tomorrow, though it could point markets toward a rate hike at its December meeting (Outlook Link)

/ES Value: YVAH 2574 YPOC 2570 YVAL 2567

/ES Plan: Yesterday market has failed testing highs and finally closed at 2568. Overnight inventory is bullish (PBT 2578), moving within yesterday's value, so we've 2 options:

A) If market remains above YVAL 2567 with volume rising, try to be a buyer leaning on 2568 and 2571 towards LVN 2575 PBT-GAP 2578.50 and ATH 2580.75 Failure to take out ONH early is signal of weakness.

B) If market moves below YVAL 2567 with volume falling, try to be a seller leaning on 2568 and 2565 towards GAP 2561 and LVNs 2556-2552. Failure to breakdown ONL early is signal of a strength.

Tips: Market goes from balance to imbalance and then back to balance. That's the natural auction process. Current auction range 2539-2580 gets balance around 2593.

Today's Economic Calendar

09:45 AM Chicago PMI
10:00 AM Consumer Confidence
10:00 AM State Street Investor Confidence Index

Link for Updates (Check it during RTH session)

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

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