Outlook 08/18: U.S. stock futures point ot a balanced open as investors digested more retail earnings and awaited minutes from July's meeting. The minutes may show discussions about tapering monthly bond purchases, or just how divided FOMC officials are on the debate. Yesterday, Fed Chair Jerome Powell said the pandemic is "still casting a shadow on economic activity," and stock futures wavered around the flatline overnight as investors continued to size up the market.
/ESU21: YVAH 4454 YPOC 4444 YVAL 4430 GAP 4438.25
/ES Plan: Yesterday market closed balanced, and overnight continues on that way, moving within Yesterday's value, so these're the opening and initial balance options for today:
A) If market moves above HVE 4434 with bullish internals, buy towards ONH 4448.75 YVAH 4454 HVE 4464 and GAP 4474.
B) If market moves below HVE 4434 with bearish internals, sell towards ONL 4432.50 HVEs 4425-4411 and GAP 4396.
Note: Market looks balanced, so don't be 'too anxious' to trade early. Bad trades occur are when you try to force things to happen, don’t force it.
Market Movers
10:30 EIA Petroleum Inventories
1:00 PM 20-Year Bond Auction
2:00 PM FOMC Minutes
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