Outlook 08/26: U.S. stock futures were more muted overnight as investors awaited the next steps for monetary policy. Tomorrow, the Federal Reserve annual symposium begins at Jackson Hole, Wyoming. Markets will look for clues on further stimulus and where the economy is headed out of the event. Investors will be looking specifically for Powell’s comments on inflation and its impact on the dollar.
/ESU20 Value: YVAH 3437 YPOC 3431 YVAL 3423 GAP 3442.75
/ES Plan: Yesterday market closed bullish, but overnight looks more balanced, moving above yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS ON-VAL 3442 with bullish internals, buy towards ONH 3448 and ATH 3448.75
B) If market moves below LIS 3442 with bearish internals, sell towards YVAH-ONL 3437 YPOC 3431 and YVAL 3422.
Note: Remember that record highs has been printed overnight, so it's still pending to be revisited at regular trading hours. Watching at the bigger picture, new ATH leaves an excess high and that anomaly opens the gate for a major reversal.
Market Movers
10:00 Fed's Barkin Speech
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
11:00 Survey of Business Uncertainty
1:00 PM 5-Year Note Auction
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