Strong Gains



Outlook 08/30: U.S. stock index futures are continuing a pre-Labor day rally, with the SP500 up by 18 points, by renewed sentiment surrounding U.S.-China trade relations despite impending new tariffs. President Trump said that some trade discussions had taken place on Thursday, with more scheduled over the coming weeks. Despite of that, August will likely conclude as just the second negative month of 2019.

/ESU19 Value: YVAH 2928 YPOC 2925 YVAL 2915 GAP 2926.75

/ES Plan: Yesterday market closed bullish, and overnight continues on that way, moving above yesterday's range, so today's options:

A) If market remains above LIS HVE 2937 with bullish internals, buy towards ONH 2946.50 GAP 2951 LVN 2963 and HVE 2972.

B) If market moves below LIS HVE 2937 with bearish internals, sell towards ONL 2920.50 HVEs 2918-2907 and GAP 2890.

Tips: Overnight inventory is 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

9:45 Chicago PMI
10:00 Consumer Sentiment
01:00 PM Baker-Hughes Rig Count
03:00 PM Farm Prices

Questions via @verniman direct message (RTH) or email (After Close).