Nervousness

Outlook 08/16: U.S. stock futures have continued to churn higher through thin summer trading, supported by bumper results from the second-quarter earnings season. The major averages notched further record highs last week, but now futures are down 0.3%, though some were quick to point to a bit of nervousness being felt in the air. While no major releases are due out today, investors are preparing for some big data points later in the week. Monthly retail sales data for June will be announced tomorrow, Fed minutes will be released on Wednesday and Philly Fed on Thursday. 

/ESU21: YVAH 4461 YPOC 4459 YVAL 4457 GAP 4461.50

/ES Plan: Last session market closed bullish, but overnight looks bearish, moving below Friday's range, so these're the opening and initial balance options for today:

A) If market moves above YLOD 4451 with bullish internals, buy towards YVAL 4457 ONH 4459 GAP 4461.50 and YVAH 4461.

B) If market remains below YLOD 4451 with bearish internals, sell towards ONL 4441 HVE 4435 GAP 4427 and HVE 4423.

Note: Overnight inventory is 100% bearish. 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

4:00 PM Treasury International Capital

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