Outlook 08/12: U.S. stock futures rose and pointed to a rebound at the open on Wednesday after the SP500 closed lower for the first time in eight days. The SP500 flirted with an all-time high on Tuesday before a late-day sell-off led by tech shares knocked the benchmark down. The SP500 is 1.8% from its February record.
/ESU20 Value: YVAH 3375 YPOC 3368 YVAL 3356 GAP 3329.50
/ES Plan: Yesterday market closed bearish, but overnight looks more bullish (PBT 3381), moving a few ticks below yesterday's value, so these are the initial balance options for today's opening:
A) If market moves above LIS HVE 3358 with bullish internals, buy towards ONH 3360.75 HVEs 3379-3388 and ATH 3397.50
B) If market moves below LIS HVE 3358 with bearish internals, sell towards HVEs 3349-3338 GAP 3329.50 and ONL 3326.25
Note: When the market opens below the value area and remains below the value area low on the subsequent tests, it is a clearly bearish signal. But when a market opens below the value area and begins to trade back into value with volume at highs increasing, there's a strong tendency to rotate all the way through the value area (Value Area Rule).
Market Movers
10:00 Atlanta Fed's Business Inflation Expectations
10:00 Fed's Rosengren Speech
10:30 EIA Petroleum Inventories
11:00 Fed's Kaplan Speech
01:00 PM 10-Year Note Auction
02:00 PM Treasury Budget
03:00 PM Fed's Daly Speech
06:00 PM Fed's Kaplan Speech
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