Outlook 08/20: There are no major market-moving economic reports or earnings releases scheduled for Monday. The economic highlight of the week comes on Friday morning when Federal Reserve Chair Jay Powell speaks at the annual Jackson Hole economic policy symposium, the year's most important meeting for economic and monetary policy discussions. Wednesday's release of the minutes from the Federal Reserve's latest meeting will also be closely watched by markets.
/ESU8 Value: YVAH 2856 YPOC 2852.50 YVAL 2841
/ES Plan: On Friday market closed leaving a bullish imbalance (PBT 2870). Overnight continues on that bullish bias, moving a few ticks above yesterday's value, so we've these options:
A) If market remains above YVAH 2856 with bullish internals, become a buyer above 2856 towards ONH 2860 and PBTs 2865-2870-2874 and ATH 2878. 'Look above and fail' is a bearish signal.
B) If market starts to move below YVAH 2856 with bearish internals, try to lean on 2856 towards ONL 2850.25 Trump_Xi SoC 2846 and YVAL 2841. '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 Fed's Bostic Speech
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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