Outlook 09/04: U.S. stock futures suggest a bullish open, leaning on deeper Fed rate cuts and following yesterday's grim ISM reading of factory activity in the U.S., which showed the first contraction for the manufacturing sector in three years. The Fed Beige Book and speeches from six Fed officials are on the radar today.
/ESU19 Value: YVAH 2908 YPOC 2905 YVAL 2899 GAP 2905.50
/ES Plan: Yesterday market closed balanced, but overnight inventory is 100% bullish, moving above yesterday's range, so these're today's options:
A) If market remains above LIS 2926 with bullish internals, buy towards ONH 2936.25 HVE 2937 GAP 2951 and LVN 2963.
B) If market moves below LIS 2926 with bearish internals, sell towards HVE 2918-2907 GAP 2905.50 and ONL 2902.
Tips: Overnight inventory is 100% 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
09:30 Fed's Williams Speech
10:00 Fed's Kaplan: Monetary Policy
12:30 PM Fed's Bowman Speech
12:30 PM Fed's Bullard Speech
01:00 PM Fed's Kashkari Speech
02:00 PM Fed's Beige Book
03:15 PM Fed's Evans Speech
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