Slow September

Outlook 09/07: U.S. stock futures fell Thursday as renewed concern swirled on Wall Street over the course of the Federal Reserve’s interest rate policy, and whether policymakers will enact another hike this year. A series of reports Thursday morning, including fewer-than-expected jobless claims, further prompted concerns that the still strong labor market may make the Federal Reserve think twice about relaxing its tight monetary policy. Jobless claims came in at 216,000, versus the 230,000 expected, while labor costs rose more than anticipated.

/ESU23 (Sep 2023): YVAH 4482 YPOC 4468 YVAL 4455 GAP 4469.50

/ES Plan: Yesterday market closed bearish (PBT 4432), and overnight continues on that way, moving below previous value/range, so these're the opening and initial balance options for today:

A) If market moves above HVE 4442 with bullish internals, buy towards YLOD 4447 YVAL 4455 GAP 4469 and ONH 4471.

B) If market moves below HVE 4442 with bearish internals, sell towards PBT 4432 HVE 4425 GAP 4416 and HVE 4406.

Note: Overnight inventory is 100% bearish. The expected action is a counter-auction; failure to see the counter-auction would be an indication of potential trend day. Market opens below value and if it begins to trade within value, VAR comes into play.

Market Movers

10:00 Quarterly Services Report

10:30 EIA Natural Gas Inventory

11:00 EIA Petroleum Inventories

3:30 PM Fed's Williams Speech

3:45 PM Fed's Bostic Speech

4:30 PM Fed Balance Sheet

7:00 PM Fed's Bostic Speech

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