Outlook 09/20: On Thursday, the economic data calendar will bring the August report on existing home sales. More news on trade war. China is planning to cut the average tariff rates on imports from the majority of its trading partners as soon as next month, including the U.S., fulfilling a previous pledge as a tariff war bites into trade. Alibaba Group Holding Ltd. co-founder Jack Ma said his promise to create 1 million jobs in the U.S. is impossible to fulfill because of the U.S.-China trade war.
/ESZ8 Value: YVAH 2916 YPOC 2914 YVAL 2912
/ES Plan: Yesterday market closed bullish and overnight looks more bullish, moving above yesterday's range, so we've these options:
A) If market remains above LVN-VAH (ON) 2923 with bullish internals, become a buyer towards ONH 2927.75 PBT 2928 and PBTs 2942.
B) If market starts to move below 2923 with bearish internals, try to be a seller towards YHOD 2918.75 GAP 2915 and YVAL 2912.
Tips: Use DOM absorption and TAPE reading. Absorption occurs when aggressive traders 'Hit the Bid or Lift the Offer' on high volume, and are met with players who “absorb” all of these orders. The price moves very little or not at all. Tape reading means tracking orders greater than 40-50 contracts on the 'Time and Sales' to measure buy or sell pressure.
Today's Economic Calendar
10:00 Existing Home Sales
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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