Outlook 08/16: On Friday, investors will get a slower earnings and economic calendar to finish off the week, with Deere & Company set to be the only SP500 member reporting results. President Trump pushes to study an end to quarterly earnings reports. In a morning tweet, the president said he had spoken to "business leaders" for their ideas on growth and they believed filing earnings reports every three months was one obstacle for growth. One idea would be to report every six months.
/ESU8 Value: YVAH 2848 YPOC 2846 YVAL 2837
/ES Plan: Yesterday market closed leaving a bullish imbalance (PBT 2855). Overnight looks more balanced, moving within yesterday's value, so we've these options:
A) If market remains above YVAL 2837 with bullish internals, become a buyer above 2837 towards GAP 2845.25 ONH 2849 GAP 2853.50 and PBT 2855. 'Look above and fail' is a bearish signal.
B) If market starts to move below YVAL 2837 with bearish internals, try to lean on 2837 towards ONL 2835 HGap 2829 GAP 2822 and YLOD 2817.50. 'Look below and fail' is a bullish signal.
Tips: Summer time. Trade the first 2 hours for liquidity. Remember, it's Friday. Don't try to make your week today.
Today's Economic Calendar
10:00 Consumer Sentiment
10:00 E-Commerce Retail Sales
10:00 Leading Indicators
01:00 PM Baker-Hughes Rig Count
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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