Outlook 08/19: Stock futures are flat Monday after the SP500 registered its best week of 2024. Now, investors and traders are looking ahead to Federal Reserve Chair Jerome Powell’s Friday speech at the central bank’s symposium in Jackson Hole, Wyoming. Before then, traders will parse minutes from the Fed’s most recent meeting due on Wednesday. Investors are hoping for insights into the path of interest rates amid mounting hopes for a forthcoming cut.
ESU24 (SEP2024): YVAH 5583 YPOC 5577 YVAL 5560 GAP 5581
/ES Plan: Last session market closed bullish (PBT 5609), and overnight continues on that way, moving above previous value, so these're the opening and initial balance options for today:
A) If market remains above YVAH 5583 with bullish internals, buy towards ONH 5594 HVE-PBT 5609 and HVE 5627.
B) If market moves below YVAH 5583 with bearish internals, sell towards YVAL 5560 and HVEs 5541-5510.
Note: If market opens above value and it begins to trade within value, VAR comes into play. It's Monday, usually the quietest days of the week. Many traders want to take their time analyzing the market, and usually, there are few economic releases.
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