Winning week

Outlook 08/16: Stock futures fall as market closes out big winning week based on hopes that a soft landing scenario was still possible. Inflation data support the expectation that the Federal Reserve will begin cutting interest rates at its next policy meeting in September. On the economic front, housing starts at 1.238 million and building permits at 1.396 million last month lower than forecast 1.34 million and building permits at 1.42 million in July, both lower than June. The University of Michigan also will release its consumer sentiment survey, which includes the outlook on inflation at the one- and five-year horizons.

ESU24 (SEP2024): YVAH 5571 YPOC 5564 YVAL 5536 GAP 5563

/ES Plan: Yesterday market closed bullish (PBT 5609), but overnight, after houses data, looks bearish, moving within previous value/range, so these're the opening and initial balance options for today:

A) If market remains above YVAL 5536 with bullish internals, buy towards GAP 5563 YVAH 5571 HVE 5587 and HVE-PBT 5609.

B) If market moves below YVAL 5536 with bearish internals, sell towards HVE 5510 GAP 5485 YLOD 5472 and HVEs 5452-5436.

Note: Overnight inventory is bearish. The expected action is a counter-auction; failure to see the counter-auction would be an indication of potential bearish trend day. 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.

Market Movers

10:00 Consumer Sentiment

1:00 PM Baker Hughes Rig Count

1:25 PM Fed’s Goolsbee Speech 

Follow Twitter updates using TweetDeck old version.

Follow news and listen to order flow at FinancialJuice.

Questions via private twitter direct message (RTH)