It has been a sluggish open for the U.S. indices on Wall Street, with sellers dominating the early action. For the first hour of trade, the DJIA is off 100 and the S&P 500 fifteen. Today marks the Veterans Day holiday in the United States, so there are no economic numbers scheduled for release until tomorrow.

However, there is one event that may have an impact on the forex. At 2:30 PM EST, FOMC member Mary Daly is scheduled to speak. A longtime member of the FED, Daly’s comments will likely reinforce the hawkish tone of the FOMC and policy of tightening. The speech isn’t expected to move markets, but if you are holding open positions it may be worth monitoring for any breaking developments.

U.S. Indices Open In The Red

For the second consecutive session, the December E-mini DOW is trading to the bear. Prices have fallen beneath 26000 and are approaching several levels of downside support.

Here are a few levels to watch as the session unfolds:

• Support(1): Bollinger MP, 25572
• Support(2): 38% Current Wave, 25434
• Support(3): Daily SMA, 25109

Bottom Line: It appears that the U.S. indices are in the process of giving back the gains made during election week. In the event we see continued bearish pressure, then a nice long entry with the intermediate-term trend will come to pass.

Until elected, I will have buys queued up from just above the 38% current wave retracement at 25451. With an initial stop at 25394, this trade produces 50 ticks on a sub 1:1 risk vs reward management plan.