Taper talk

Outlook 08/19: U.S. stock futures point ot a bearish open after minutes from July's Federal Reserve meeting indicated that the central bank will start to tap the brakes on the policy it has used to juice up the economy and financial markets. The July meeting of the FOMC said a move to pare $80B/month in Treasuries and $40B/month of mortgage securities could happen this year. While there's still debate regarding the timing and pace, officials said tapering would not necessarily mean an imminent rate increase.

/ESU21: YVAH 4448 YPOC 4436 YVAL 4425 GAP 4394.50

/ES Plan: Yesterday market closed bearish, and overnight continues on that way, moving below Yesterday's range, so these're the opening and initial balance options for today:

A) If market moves above HVE 4364 with bullish internals, buy towards HVE 4386 GAP 4394.50 and ONH 4399.50.

B) If market moves below HVE 4364 with bearish internals, sell towards ONL 4347.75 GAP 4319.50  and HVE 4313.

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 E-Commerce Retail Sales
10:00 Leading Indicators
10:00 Quarterly Services Report
10:30 EIA Natural Gas Inventory
4:30 PM Fed Balance Sheet

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