Outlook 08/07: Markets are getting some more relief as the PBOC set its official midpoint reference for the yuan at 6.99 on Wednesday, weaker than the 6.96 set Tuesday but still stronger than the key 7.00 per dollar level. SP500 futures are down 0.7% after three central banks across Asia Pacific delivered surprise interest-rate decisions as policy makers take aggressive action to counter a worsening global economy.
/ESU19 Value: YVAH 2879 YPOC 2856 YVAL 2850 GAP 2876
/ES Plan: Yesterday market closed bullish but overnight looks more balanced, moving within yesterday's value, so today's options:
A) If market remains above HVE 2850 with bullish internals, buy towards HVE 2867 GAP 2876 ONH 2889.25 and HVEs 2907-2918-2936.
B) If market remains below HVE 2850 with bearish internals, sell towards GAP 2828.50 HVEs 2825-2815-2807 LVN 2800 and YLOD 2876.
Quotes: “If I have positions going against me, I get right out; if they are going for me, I keep them… Risk control is the most important thing in trading. If you have a losing position that is making you uncomfortable, the solution is very simple: Get out, because you can always get back in.” Paul Tudor Jones
Today's Economic Calendar
10:30 EIA Petroleum Inventories
01:00 PM 10-Year Note Auction
03:00 PM Consumer Credit
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