Outlook 08/07: Stock futures rise after three-day losing streak. Investors also looked to claw back more of the losses suffered earlier in the week. Question now is whether the concerns that pushed the market into a cascade of selling are alleviated. Volatility is expected to continue as August and September give way to a calmer seasonal period, however, it’s important to remember opportunities are always on the other side of the storm. Although the market has recovered from Monday’s lows, it still in “no-man’s land” from last Thursday’s lows.
ESU24 (SEP2024): YVAH 5315 YPOC 5268 YVAL 5254 GAP 5261
/ES Plan: Yesterday market closed balanced, but overnight looks bullish (PBT 5407), moving above previous value, so these're the opening and initial balance options for today:
A) If market moves above YVAH 5315 with bullish internals, buy towards YHOD 5341 GAP 5372 (magnet) HVE 5382 and PBT 5407.
B) If market moves below YVAH 5315 with bearish internals, sell towards HVE 5285 GAP 5261(magnet) YVAL 5254 and YLOD 5222.
Note: Overnight inventory is bullish. The expected action is a counter-auction; failure to see the counter-auction would be an indication of potential bullish trend day. Market opens above value and if it begins to trade within value,
VAR comes into play. On high volatility days, your first trading rule is 'manage your risk'. Regardless of how much more money you could have made, you do realize that you just can not manage risk on this enviroment. If risk is too great, I recommend to stay aside until the market recovers a 'normal' regime.
Market Movers
10:30 EIA Petroleum Inventories
1:00 PM 10-Year Note Auction
3:00 PM Consumer Credit
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