Outlook 08/28: U.S. stock index futures are wavering between slight gains and losses as the bond market once again sends out warning signals, with the yield curve inverting overnight to levels not seen since 2007. The debate of when to buy equities has also hit fever pitch. Weighing in on the discussion is JPMorgan, which thinks the time to buy is near and that an upward trajectory will begin again in September. UBS disagrees and went underweight stocks this week, citing trade war concerns and political uncertainty.
/ESU19 Value: YVAH 2885 YPOC 2874 YVAL 2863 GAP 2866
/ES Plan: Yesterday market closed bearish, and overnight continues on that way, moving below yesterday's value, so today's options:
A) If market remains below LIS HVE 2867 with bearish internals, sell towards ONL 2853.75 LVN 2844 and HVEs 2825-2815.
B) If market moves above LIS HVE 2867 with bullish internals, buy towards ONH 2878 and HVEs 2889-2907-2918-2936.
Quotes: "Most traders are anxiously looking and trying to find a trade, and if you're trying to find a trade, you will probably find a trade but it won't be the right trade. It takes a lot of maturity to understand that if you get into the flow of the market when the trade is right for your timeframe you will recognize it." Jim Dalton
Today's Economic Calendar
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
11:00 Survey of Business Uncertainty
01:00 PM 5-Year Note Auction
Questions via @verniman direct message (RTH) or email (After Close).
