Outlook 08/26: U.S. stock futures are staying close to the flatline this morning as the highly anticipated Fed economic symposium kicks off in Jackson Hole. Central bankers could provide some clarity on the latest monetary policy at the event, with Fed Chair Jerome Powell slated to make remarks on Friday. The annual conference was supposed to take place physically in Jackson Hole this year, before the Kansas City Fed's abrupt decision last week to move the gathering online.
/ESU21: YVAH 4498 YPOC 4494 YVAL 4486 GAP 4493.25
/ES Plan: Yesterday market closed bullish, but overnight looks more balanced, moving within yesterday's value, so these're the opening and initial balance options for today:
A) If market remains above YVAL 4486 with bullish internals, buy towards ONH 4494.25 and PBT 4500.
B) If market moves below YVAL 4486 with bearish internals, sell towards ONL 4480.25 and HVEs 4478-4464.
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 Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
1:00 PM 7-Year Note Auction
4:30 PM Fed Balance Sheet
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