Outlook 08/31: U.S. stock futures are starting the week up after fifth consecutive week of gains. Q2 earnings are expected today from Zoom Video Communications and Rackspace Technology, though the economic calendar is light. Later in the week, investors will get reports on construction spending, manufacturing, the trade gap and the Fed's "Beige Book" before the highly-awaited U.S. jobs report for August on Friday. This month’s stock market gains have pushed the SP500 to record levels, officially confirming a new bull market.
/ESU20 Value: YVAH 3499 YPOC 3492 YVAL 3485 GAP 3503.75
/ES Plan: Last session market printed new record, and overnight continues on that way (ATH 3524.50), pending to re-visited on RTH, so these are the initial balance options for today's opening:
A) If market remains above LIS YVAH 3499 with bullish internals, buy towards HVE 3510 and ATH 3524.50
B) If market moves below LIS YVAH 3499 with bearish internals, sell towards YPOC 3492 and YVAL 3485.
Note: Market looks balanced at record highs. Watching at the bigger picture, new ATH leaves an excess high and that anomaly opens the gate for a major reversal, probably after pending balance target repair.
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10:30 Dallas Fed Manufacturing Survey
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