Outlook 08/22: U.S. futures pointed to a lower open after China said it will slap new tariffs on U.S. goods. Jackson Hole meeting is in the spotlight again today. Federal Reserve Chairman Jerome Powell will make his first public remarks since the Fed cut rates for the first time in over a decade. The stakes are high for Powell with disagreement within the Fed over the U.S. economy strength and the pace of rate cuts.
/ESU19 Value: YVAH 2936 YPOC 2925 YVAL 2925 GAP 2921.75
/ES Plan: Yesterday market closed balanced, but overnight looks more bearish after China tariffs, moving below yesterday's value, so these're the options for today:
A) If market remains below LIS HVE 2912 with bearish internals, sell towards HVE 2907 ONL 2902.50 and GAP 2898.50.
B) If market moves above LIS HVE 2912 with bullish internals, buy towards HVE 2918 GAP 2921.75 and ONH-HVE 2936.
Tips: Overnight's selling was a 'news driven event', so there's a chance for a reversal to the scene of crime (SoC 2932), the zone where a news-based move was initiated and is therefore susceptible to be retested.
Today's Economic Calendar
10:00 New Home Sales
10:00 Jerome Powell Speech
01:00 PM Baker-Hughes Rig Count
Questions via @verniman direct message (RTH) or email (After Close).
