Your MUST-READ Morning Stock Futures Cheat Sheet: Forging higher on waning momentum

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The Precise Take – Forging higher on waning momentum

Big Picture Analysis:  Below, in the 60 minute chart, we can see the steep rate of assent in the ES has slowed a bit, with the main trend channel slightly broken overnight.  But gains continue to be forged into the area from the mid-September highs.  The 135 minute volume profile chart speaks more clearly here, with ~1180 shaping up as major support.  A break will likely attract the short sellers once again with a quick trip down to at least ~1150, and likely below.  However, as long as 1180 holds, we could see a launch higher to conceivably as high as the declining 200 day moving average (currently 1163), as a friend writes.  Though European headline risk remains, focus has shifted to earnings season in the US, and the minutes from the prior FOMC Announcement at 2:00 pm today will attract attention.

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Chart in Focus:

Today’s  Scheduled News (all times EDT)

Major Market Movers
FOMC Minutes at 2:00 pm

Minor Market Movers
10 Yr Note Auction at 1:00 pm

Tomorrow’s Scheduled News

Major Market Movers
Jobless Claims at 8:30 am

Minor Market Movers
International Trade at 8:30 am
EIA Petroleum Stats at 10:30 am
30 Yr Bond Auction at 1:00 pm
Treasury Budget at 2:00 pm