Outlook 08/28: On Tuesday, investors will get a key piece of economic sentiment data when The Conference Board releases its August update on consumer confidence. This report will be closely tracked as the University of Michigan's read on consumers' economic outlook revealed consumers could be more sensitive to price changes if tariffs lead to inflation across consumer goods. The June report on home prices from S&P/Case-Shiller is also due out in the morning as is the Richmond Fed's reading on manufacturing activity in August.
/ESU8 Value: YVAH 2899 YPOC 2897 YVAL 2893
/ES Plan: Yesterday market closed leaving a bullish profile (PBT 2916), and overnight auction has printed new all time high (2903.75), moving above yesterday's range, so we've these options:
A) If market remains above YVAH 2899 with bullish internals, become a buyer above 2900 towards ONH 2903.75 and PBTs 2906-2916. 'Look above and fail' is a bearish signal.
B) If market starts to move below YVAH 2899 with bearish internals, try to lean on 2900 towards YVAL 2893 LVN 2885 and GAP 2876.75 'Look below and fail' is a bullish signal.
Tips: Overnight inventory is bullish (PBT 2906) leaving new All Time High (ATH). Remember that new highs printed during ETH sessions should be revisited at NYSE regular trading hours (RTH).
Today's Economic Calendar
10:00 Consumer Confidence
10:00 Richmond Fed Mfg.
10:00 State Street Investor Confidence Index
01:00 PM 5-Year Note Auction
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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