Outlook 09/14: Friday comes with a nice cross section on the U.S. economy. At 8:30 a.m. ET, we get the August retail sales report that shows their smallest gain in six months. Consumers cut back on purchases of motor vehicles and clothing, but upward revisions to July data likely keep intact expectations of strong economic growth in the third quarter. At 10 a.m., we'll get the preliminary University of Michigan consumer sentiment report. Economists expect the index to have increased to 96.6 in September from 96.2 in August.
/ESZ8 Value: YVAH 2911 YPOC 2909 YVAL 2905
/ES Plan: Yesterday market closed bullish and overnight still looks bullish (GBT 2922), moving above yesterday's range, so we've these options:
A) If market remains above YHOD 2912 with bullish internals, become a buyer towards ONH 2917.25 GBT 2922 and PBT 2928. 'Look above and fail' is a bearish signal.
B) If market starts to move below YHOD 2912 with bearish internals, try to sell towards GAP 2910.50 ONL 2907.50 and YVAL 2905. 'Look below and fail' is a bullish signal.
Tips: Today's rollover day. I start quoting new contract /ESZ8 due it shows equal volume of /ESU8.
Today's Economic Calendar
10:00 Business Inventories
10:00 Consumer Sentiment
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.
Questions? Just ask via email or twitter @verniman direct message.
