Delta shadows

Outlook 08/03: U.S. stock futures point to a balanced open as investors are still sizing up recent developments surrounding the Delta variant. Delta is now rapidly spreading in the U.S. and a modest pullback in activity can't be ruled out. The Treasury Department has also begun conducting emergency cash-conservation steps to avoid busting through the federal borrowing limit. A two-year suspension of the debt ceiling expired at the end of July and the measures will permit Treasury to pay off government bills without floating new debt for two to three months.

/ESU21: YVAH 4419 YPOC 4408 YVAL 4391 GAP 4383.50

/ES Plan: Yesterday market closed balanced, and overnight continues on that way, moving below Yesterday's value, so these are the initial balance options for today:

A) If market moves above YVAL 4391 with bullish internals, buy towards ONH 4397.25 HVE 4409 and YVAH 4419.

B) If market remains below YVAL 4391 with bearish internals, sell towards HVE 4385 ONL 4381 and GAP 4363. 

Note: Market opens below previous value area and it's a clearly bearish signal. But, if market begins to trade within value with volume increasing, 'Value Area Rule (VAR)' comes into play. 

Market Movers

10:00 Factory Orders

2:00 PM Fed's Bowman Speech

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