Outlook 08/21: Today, the SP500 will tie the record for the longest U.S. bull market in history (3500 days), rising more than 320% since March 9, 2009. It's a record few would have predicted when stocks struggled to find their footing after a 50% plunge during the financial crisis. There is still no shortage of bearish warnings out there as analysts debate the future, but many investors continue to see plenty of gas left in the tank for equities.
/ESU8 Value: YVAH 2860 YPOC 2858.50 YVAL 2855
/ES Plan: Yesterday market closed leaving a bullish imbalance (PBT 2866). Overnight continues on that bullish bias, moving a few ticks above yesterday's range, so we've these options:
A) If market remains above YHOD 2861 with bullish internals, become a buyer above 2861 towards ONH 2864.75 and PBTs 2865-2870-2874 and ATH 2878. 'Look above and fail' is a bearish signal.
B) If market starts to move below YHOD 2861 with bearish internals, try to lean on 2861-60 towards GAP 2858.75 ONL 2853.75 and Trump_Xi SoC 2846. 'Look below and fail' is a bullish signal.
Tips: Entries and exits always depend on each trader account size, risk tolerance and time frame style. Combine Scalp/Swing in a scale-out trade, where 1st lot is scalped and 2nd lot is left open for a runner.
Today's Economic Calendar
11:00 4 Week Bill auction
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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