New Record

Outlook 08/30: U.S. stock futures rose slightly printing a new record high overnight. Stocks rallied Friday after Fed Chairman Jerome Powell signaled that central bankers are in no rush to raise interest rates. He said decision-making on rate hikes is on a different track than tapering bond purchases, which he acknowledged could start this year. Whether Wall Street's gains can continue may depend on the government's latest monthly employment report, which is set for release on Friday. While saying the Fed has seen sufficient progress on inflation, Powell said the labor market has not yet improved enough to start the tapering.  

/ESU21: YVAH 4510 YPOC 4506 YVAL 4496 GAP 4504.25

/ES Plan: Last session market closed bullish (PBT 4527), and overnight continues on that way, printing a new record high, so these're the opening and initial balance options for today:

A) If market remains above ATH-RTH 4510 with bullish internals, buy towards ATH-ONH 4513.25 and PBT 4527.

B) If market moves below 4510 with bearish internals, sell towards GAP 4504.25 ONL 4500.75 and YVAL 4496.

Note: Remember that record high has been printed overnight, so it's still pending to be revisited at regular trading hours.

Market Movers

10:00 Pending Home Sales

10:30 Dallas Fed Manufacturing Survey

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