SPX doubled

Outlook 08/17: U.S. stock futures point ot a lower open after July retail sales declined, another sign the economy may be slowing a bit in the face of a Covid resurgence. Retail sales declined 1.1% in July, a steeper drop than the 0.3% dip expected. yesterday, the SP500 has now doubled from a closing low hit on March 23, 2020, when many were dumping stocks due to pandemic uncertainty. The 100% surge marks the fastest bull market doubling since World War II, though investors have since rotated between different sectors they estimate will benefit most from the economic recovery.

/ESU21: YVAH 4457 YPOC 4439 YVAL 4433 GAP 4474

/ES Plan: Yesterday market closed bullish, but overnight looks more bearish, moving within Yesterday's valuee, so these're the opening and initial balance options for today:

A) If market moves above YVAH 4457 with bullish internals, buy towards HVE 4464 ONH 4472.25 GAP 4474 and ATH 4476.50.

B) If market remains below YVAH 4457 with bearish internals, sell towards ONL 4447 HVE 4435 YVAL 4433 and GAP 4427.

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

10:00 Business Inventories

10:00 NAHB Housing Market Index

1:30 PM Jerome Powell Speech

3:45 PM Fed’s Kashkari Speech

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