Jackson Hole II

Outlook 08/276: U.S. stock futures rose ahead of Federal Reserve Chairman Jerome Powell's speech Friday morning at the central bank's annual economic summit, held virtually for a second year due to Covid. While traders will be analyzing his every word for the future direction of U.S. monetary policy, there is skepticism that the Fed will provide more specific information around a timetable. There still might be some commentary on tapering, interest rates, and inflation, but you may want to think twice before placing a big bet.

/ESU21: YVAH 4482 YPOC 4472 YVAL 4466 GAP 4467.75

/ES Plan: Yesterday market closed bearish (PBT 4449), but overnight looks more balanced, still moving within yesterday's value, so these're the opening and initial balance options for today:

A) If market moves above HVE 4478 with bullish internals, buy towards ONH 4484.25 GAP 4493 and PBT 4500.

B) If market moves below HVE 4478 with bearish internals, sell towards HVE 4464 ONL 4462.25 and PBT 4449.

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

10:00 Consumer Sentiment

10:00 Jerome Powell Speech

1:00 PM Baker-Hughes Rig Count

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