Overnight inventory is 100% long as the market gaps open on this 1st day of November. Gap Rules are in play as are Spike Rules. The market does appear a bit overdone here but follow the rules. How the market handles the gap this morning will be your best Market Generated Information on the day. Mark the open, and look for long or short trades when the market comes back through it from either side.
Recall that the Fed meeting begins tomorrow with the announcement on Wednesday. The market will either sell off into that meeting or begin to balance and move sideways. Trading much after today gets riskier by the hour. Let the Fed make its announcement and go from there. Also, we have a minor cycle dip scheduled into Friday or so. Keep that in mind.
A.F. Thornton