Outlook 08/22: Futures markets try to recover losses after President Trump's campaign chair, Paul Manafort, was found guilty on eight counts of financial wrongdoing. Meanwhile, prior personal lawyer, Michael Cohen, said a candidate for federal office directed him to pay off a porn star "for the principal purpose of influencing" the election.
The Fed is scheduled to release the minutes from its Aug. 1. gathering this afternoon, but with no interest rate hike at the meeting, some economists think the FOMC had time to discuss "big ticket" issues. Watch for continued discussion of what is a neutral rate, the level that is not stimulating the economy but also not constraining it, as well as talk on the yield curve and trade policy.
/ESU8 Value: YVAH 2870 YPOC 2867 YVAL 2862
/ES Plan: Yesterday market closed leaving a balanced profile. Overnight started moving lower after Paul Manafort news, now looks balanced moving a few ticks above yesterday's globex range, so we've these options:
A) If market remains above YLOD 2853.75 with bullish internals, become a buyer above 2854 towards ONH 2861.25 and LVNs 2865-70 and HVE 2874. 'Look above and fail' is a bearish signal.
B) If market starts to move below YLOD 2853.75 with bearish internals, try to lean on 2853 towards GAP 2858.75 ONL 2846.25 and HVE 2838. 'Look below and fail' is a bullish signal.
Today's Economic Calendar
10:00 Existing Home Sales
10:30 EIA Petroleum Inventories
02:00 PM FOMC minutes
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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