Outlook 08/14: U.S. import prices were unexpectedly flat in July as a surge in the cost of fuels was offset by weak prices elsewhere. The data suggested a strong dollar was keeping imported inflation pressures in check. Tuesday also comes with some notable earnings announcements with results from Home Depot (HD). Market will be closely watching results from Home Depot for comments on the health of the U.S. housing markets and a view of general consumer confidence.
/ESU8 Value: YVAH 2832 YPOC 2826 YVAL 2822
/ES Plan: Yesterday market closed bearish (PBT 2809) but overnight looks bullish (GBT 2844), moving a few ticks above yesterday's value, so we've these options:
A) If market remains above YVAH 2832 with bullish internals, become a buyer above 2832 towards ONH 2838.75 GBT 2844 and HVE 2845. 'Look above and fail' is a bearish signal.
B) If market starts to move below YVAH 2832 with bearish internals, try to sell leaning on 2832 towards ONL 2825.75 and YVAL 2822. '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 possible runner.
Today's Economic Calendar
No events scheduled for today. The week ahead.
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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