Outlook 08/23: U.S. stock futures are turning higher, all up by 0.3%, after a week in which the major averages saw some losses. Concerns surfaced over the Fed taking away the stimulus punchbowl, with tapering talk moving toward center stage. Investors will once again be watching monetary policy on Thursday and Friday as the Fed's annual economic symposium kicks off in Jackson Hole.
/ESU21: YVAH 4441 YPOC 4436 YVAL 4415 GAP 4434.25
/ES Plan: Last session market closed bullish (PBT 4500), and overnight continues on that way, moving above Friday's value, so these're the opening and initial balance options for today:
A) If market moves above ONH 4455 with bullish internals, buy towards HVE 4464 GAP 4474 ATH 4476.50 and PBT 4500.
B) If market remains below ONH 4455 with bearish internals, sell towards YVAH 4441 GAP-HVE-ONL 4434-4434.50
Note: Overnight inventory is 100% bullish. The expected action is a counter-auction relative to overnight inventory; failure to see the counter-auction would be an indication of potential trend day.
Market Movers
9:45 PMI Composite Flash
10:00 Existing Home Sales
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