Outlook 08/08: US stocks futures show weakness after Chinese Ministry of Commerce announced a 25% charge on $16 billion worth in U.S. goods. The goods being targeted by China include crude oil and cars. China's announcement comes after U.S. Trade Representative's office released a finalized list of $16 billion worth in Chinese goods that will be hit with tariffs.
/ESU8 Value: YVAH 2862 YPOC 2860 YVAL 2858
/ES Plan: Yesterday market closed bullish (PBT 2872) but overnight looks bearish after China annoucement, moving below yesterday's value, so we've these options:
A) If market remains above YLOD 2856 with bullish internals, become a buyer above 2856 towards ONH 2861.50 and PBT 2865. 'Look below and fail' is a bullish signal.
B) If market starts to move below YLOD 2856 with bearish internals, try to sell leaning on 2856 towards GAP 2850 and HVEs 2845 2838. 'Look above and fail' is a bearish 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
10:30 EIA Petroleum Inventories
01:00 PM 10-Year Note Auction
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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