Outlook 08/29: Wednesday offers one of the week's biggest economic reports, the second estimate of second quarter GDP shows that U.S. economic growth was a bit stronger than initially thought in the second quarter, notching its best performance in nearly four years. Gross domestic product increased at a 4.2%. That was slightly up from the 4.1% pace of expansion it reported in July and was the fastest rate since the third quarter of 2014. Pending home sales, which are forecasted to rise 0.3% from the prior month, is also due out in the morning.
/ESU8 Value: YVAH 2901 YPOC 2899 YVAL 2896
/ES Plan: Yesterday market closed leaving a balanced profile, and overnight shows slight bearish bias, moving within yesterday's value, so we've these options:
A) If market remains below YVAH 2901 with bearish internals, try to lean on 2900 towards YVAL 2896 HVE 2892 LVN 2885 and GAP 2876.75 'Look below and fail' is a bullish signal.
B) If market starts to move above YVAH 2901 with bullish internals, become a buyer above 2901 towards ONH 2905 ATH 2906 and PBT 2916. 'Look above and fail' is a bearish signal.
Tips: Remember that last all time high (ATH) has been printed during overnight session and should be revisited at regular trading hours (RTH).
Today's Economic Calendar
10:00 Pending Home Sales
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
11:30 7-Year Note Auction
03:00 PM Farm Prices
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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