Outlook 08/21: U.S. equity index futures rose sharply overnight as central bankfest is ready for kickoff, starting with minutes from the Fed's July 30-31 policy meeting. Traders will look for signs of disagreement on the FOMC, and clues to what the central bank might do next. The event will be followed by tomorrow's ECB minutes and the Jackson Hole symposium on Friday, where the focus will turn to Fed Chair Jerome Powell's tone and signals of further easing.
/ESU19 Value: YVAH 2920 YPOC 2909 YVAL 2905 GAP 2898.50
/ES Plan: Yesterday market closed leaving a bearish imbalance (PBT 2886), but overnight looks more bullish (PBT 2943), moving above yesterday's value, so these're the options for today:
A) If market remains above LIS HVE 2918 with bullish internals, buy towards ONH 2924.25 HVE 2936 and GAP 2951.
B) If market moves below 2918 with bearish internals, sell towards HVE 2907 GAP 2898.50 ONL 2893 and HVE 2889.
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 Existing Home Sales
10:30 EIA Crude Oil Inventories
02:00 PM FOMC minutes
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