Outlook 08/06: Stock futures rise after index posts worst day in nearly two years. A major unwind in the yen “carry trade” contributed to the volatility. The Bank of Japan last week raised interest rates, contributing to a rise in the yen. That’s affected the practice of traders borrowing in the cheaper currency to purchase other global assets. Many investors have come to view Monday’s sell-off as long overdue in a market that’s reached high valuations and new records, with some cautioning that the pain may have more room to run. It’s too early to say the low is in. There has been damage done, and the repair process will likely take time. However, the risk/reward appears to be gradually improving as the market’s bar for positive surprises resets lower.
ESU24 (SEP2024): YVAH 5253 YPOC 5205 YVAL 5195 GAP 5228.50
/ES Plan: Yesterday market closed balanced, and overnight continues on that way, moving within previous value, so these're the opening and initial balance options for today:
