Outlook 08/11: U.S. stock futures continue to shrug off the latest U.S.-China tensions as President Trump explores a variety of tax cuts, while lawmakers attempt to restart talks over a coronavirus stimulus package. Contracts tied to the SP500 suggest a 20 point opening bell gain that would take the broader benchmark near its intraday all time high (ATH).
/ESU20 Value: YVAH 3355 YPOC 3351 YVAL 3347 GAP 3352.50
/ES Plan: Yesterday market closed bullish, and overnight continues on that way (PBT 3393), moving above yesterday's range, so these are the initial balance options for today's opening:
A) If market remains above LIS ON-HVE 3367 with bullish internals, buy towards ONH 3379 HVE 3388 and ATH 3397.50
B) If market moves below LIS ON-HVE 3367 with bearish internals, sell towards HVE 3358 GAP 3352.50 and ONL 3347.50
Note: 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.
Market Movers
12:00 PM Fed's Daly Speech
1:00 PM 3-Year Note Auction
Questions via @verniman direct message (RTH) or email (After Close).
Follow alerts using TweetDeck. Primary twitter language is English.
No unauthorized reproduction of this service without permission.
