Outlook 08/13: There are no notable U.S. economic reports or earnings announcements scheduled for Monday. However, investors and traders will continue to watch for any spillover effects from Turkey's financial crisis. Turkey’s lira pulled back from an overnight record low after Pres. Erdogan reiterated his opposition to raising interest rates and said the lira's recent free-fall was the result of a foreign plot and did not reflect Turkey’s economic fundamentals.
/ESU8 Value: YVAH 2841 YPOC 2838 YVAL 2832
/ES Plan: On Friday market closed balanced and overnight looks slight bullish, moving within Friday's range, so we've these options:
A) If market remains above YVAL 2832 with bullish internals, become a buyer above 2832 towards ONH 2838 YVAH 2841 and HVE 2845. 'Look above and fail' is a bearish signal.
B) If market starts to move below YVAL 2832 with bearish internals, try to sell leaning on 2832 towards HVE 2826 and ONL 2820.50 'Look below and fail' is a bullish signal.
Tips: Summer time. Trade the first 2 hours for liquidity. Keep in mind RTH timeline, 10am ET data, Initial Balance, European close, Bonds close. Usually, after 10am ET data, the 1st half of each hour offers pullbacks and 2nd half follows the current trend.
Today's Economic Calendar
No events scheduled for today. The week ahead.
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
Questions? Just ask via email or twitter @verniman direct message.
