Outlook 08/23: Futures markets were pretty unfazed after a fresh round of U.S. tariffs on $16B worth of Chinese imports kicked in at midnight, prompting Beijing to retaliate with its own levies on American goods worth the same amount.
According to the FED Minutes of recent meeting, U.S. central bankers are ready to raise interest rates again so long as the economy stays on track. Today, the economic data schedule will bring investors the weekly report on initial jobless claims and July data on new home sales.
/ESU8 Value: YVAH 2866 YPOC 2865 YVAL 2860
/ES Plan: Yesterday market closed leaving a bullish profile (PBT 2880). Overnight auction remains bullish, moving a few ticks within yesterday's value, so we've these options:
A) If market remains above YVAL 2860 with bullish internals, become a buyer above 2860 towards ONH 2864.25 LVN 2870 HVE 2874 and ATH 2878. 'Look above and fail' is a bearish signal.
B) If market starts to move below YVAL 2860 with bearish internals, try to lean on 2860 towards GAP 2858.75 ONL 2857.50 and HVE 2852. 'Look below and fail' is a bullish signal.
Today's Economic Calendar
8:30 Initial Jobless Claims
9:00 FHFA House Price Index
09:45 PMI Composite Flash
10:00 New Home Sales
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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