On this first day of November, you can expect capital inflows to give stocks an upward bias. But the overall technical picture still looks quite weak.
Friday's and Monday's sessions will be pivotal, as we will see if there is fresh, beginning-of-the-month buying coming into the market from fund managers this late in the year. Meanwhile, it is worth remembering that many traders and investors locked in profits ahead of the FOMC statement on Wednesday.
Equities have continued to consolidate, with the S&P 500 holding one of the tightest overnight ranges we have seen in recent weeks. In Friday morning trading, the S&P December e-mini has stayed quiet, holding Thursday's low of 1,750.25.