Outlook 08/14: U.S. stock index futures are now pointing to losses of 1.4% after China post its weakest industrial output growth since 2002, which rose 4.8% in July from a year earlier, adding to the case to roll out more stimulus. Retail sales also slumped, while fixed-asset investment slowed further. Push for trade talks? Following the data, and a delay to the next tranche of U.S. tariffs, Chinese officials stuck to plans to visit Washington in September for face-to-face meetings.
/ESU19 Value: YVAH 2944 YPOC 2929 YVAL 2907 GAP 2932.25
/ES Plan: Yesterday market closed leaving bullish imbalance, but overnight looks more bearish, moving below yesterday's value, so:
A) If market moves below LIS HVE 2889 with bearish internals, sell towards ONL 2886 and HVEs 2867-2857-2844.
B) If market moves above LIS HVE 2889 with bullish internals, buy towards HVE 2907 GAP 2932.25 and HVE 2936.
Tips: Overnight inventory is bearish. 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 Atlanta Fed's Inflation Expectations
10:30 EIA Petroleum Inventories
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