Outlook 08/06: The U.S. has the upper hand on China, President Trump said at a rally outside Columbus, Ohio, declaring that Chinese stocks are down and weakening that nation's bargaining power. The duties are working "big time," he added, suggesting they will allow paying down "large amounts of the $21T in debt that has been accumulated" while reducing taxes for Americans. China's state media lashed out in response, accusing Trump of "starring in his own carefully orchestrated street fighter-style deceitful drama" and warning it was prepared for a "protracted war."
/ESU8 Value: YVAH 2838 YPOC 2831 YVAL 2828
/ES Plan: On Friday market closed multimodal and overnight looks bullish (GBT 2847), moving a few ticks above Friday's value, so we've these options:
A) If market remains above YVAH 2837.50 with bullish internals, become a buyer above 2837 towards ONH 2845 GBT 2847 and LVNs 2850-2860. 'Look below and fail' is a bullish signal.
B) If market starts to move below YVAH 2837.50 with bearish internals, try to sell leaning on 2837 towards ONL 2835 LVN 2833 and YVAL 2828. 'Look above and fail' is a bearish signal.
Tips: Trade the first 2 hours for liquidity. Avoid lunchtime roundtrip. Wait for US Bonds close to trade afternoon.
Today's Economic Calendar
12:30 PM TD Ameritrade IMX
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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