Outlook 08/31: On Friday, the schedule will bring investors a final check on the U.S. consumer for the week when the University of Michigan releases its final look at consumer sentiment in August. This reading is expected to be a slight improvement over the preliminary report posted two weeks ago which indicated consumers' perceptions of current buying conditions were lowered due to higher prices. The August Chicago PMI report is also set for release in the morning and expected to show continued expansion of activity in the midwest.
/ESU8 Value: YVAH 2912 YPOC 2908.50 YVAL 2904
/ES Plan: Yesterday market closed leaving a bullish profile (PBT 2925) but overnight shows slight bearish bias (GBT 2891), moving below yesterday's value, so we've these options:
A) If market remains below LIS 2900 with bearish internals, try to lean on 2900 towards HVE 2893 LVN 2885 and GAP 2876.75 'Look below and fail' is a bullish signal.
B) If market starts to move above LIS 2900 with bullish internals, become a buyer towards ONH 2904 ATH 2917.50 and PBT 2929. 'Look above and fail' is a bearish signal.
Tips: Market tends to be more erratic on the last day of the Month.
Today's Economic Calendar
09:45 Chicago PMI
10:00 Consumer Sentiment
01:00 PM Baker-Hughes Rig Count
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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