Outlook 08/19: There's a lot going for the markets this morning ahead of a week that's light on data and heavy on monetary policy, including FOMC minutes and the Fed's annual policy symposium at Jackson Hole. U.S. equity index futures rose about 1% after President Trump further ignited sentiment by saying his team is "doing very well with China, and talking!" while stating Apple CEO Tim Cook made a "good case" against Chinese tariffs. Add in some stimulus hopes, with the PBOC unveiling key interest rate reforms to help steer borrowing costs lower for companies, as well as reports of new fiscal stimulus in Germany.
/ESU19 Value: YVAH 2894 YPOC 2889 YVAL 2882 GAP 2891.75
/ES Plan: On last session market closed leaving a bullish imbalance (PBT 2928), and overnight has repaired that anomaly and looks more bullish (PBT 2951), moving above Friday's range, so these're today's options:
A) If market remains above LIS HVE 2918 with bullish internals, buy towards ONH 2928.50 GAP 2932.25 HVE 2936 and GAP 2951.
B) If market moves below LIS HVE 2918 with bearish internals, sell towards HVE 2907 ONL 2892.25 YPOC-HVE 2889 and HVE 2867.
Tips: Overnight inventory is 100% bullish. The expected action is a counter-auction relative to overnight inventory; failure to see the counter-auction would be an indication of a potential trend day.
Today's Economic Calendar
10:00 E-Commerce Retail Sales
Questions via @verniman direct message (RTH) or email (After Close).
