Outlook 08/09: Stock futures tick down Friday after investors looked to regain more ground from this week’s sell-off. Stocks rebounded during Thursday’s regular trading after plunging earlier in the week, as the latest weekly jobless claims number helped alleviate investors’ concerns about the strength of the labor market and state of the U.S. economy. Even as the major averages surged on Thursday, they remain down on a week-to-date basis. The SP500 is off 0.5% this week, while the Nasdaq down roughly 0.7%. Both the broad-market SP500 and Nasdaq are on pace for their fourth losing week.
ESU24 (SEP2024): YVAH 5360 YPOC 5324 YVAL 5287 GAP 5350
/ES Plan: Yesterday market closed bimodal bearish, but overnight looks bullish (PBT 5280), moving with previous value, so these're the opening and initial balance options for today:
A) If market remains above YPOC-HVE 5324 with bullish internals, buy towards GAP 5350 (magnet) YVAH-YHOD 5360 and ONH-GAP 5372.
B) If market moves below YPOC-HVE 5324 with bearish internals, sell towards YVAL 5287 HVE 5245 GAP 5229 (magnet) and YLOD 5182.
Note: Market opens inside value. Don't be 'too anxious'. Stay patient. Let the market lead. Bad trades occur when you try to force things to happen. It's Friday and traders who have made losses that week will likely take large risks to try and end the week with a profit. Try to be calm and focus on the market rather than thinking about your account. On high volatility days, your first trading rule is 'manage your risk'. I recommend to stay aside or trade small size using micro futures until the market recovers a 'normal' regime.
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