Outlook 08/27: U.S. stock futures dipped in premarket trading Thursday morning as markets turned its attention to an upcoming address from Federal Reserve Chairman Jerome Powell. Today’s trading is likely to be driven in large part by comments from Fed Chair Jerome Powell, who is expected at 9:10am. ET to introduce a new pandemic-era tool to combat the economic impact of Covid-19 and foster inflation in the U.S. The Fed’s annual symposium will be held virtually this year instead of the usual locale of Jackson Hole, Wyoming.
/ESU20 Value: YVAH 3481 YPOC 3468 YVAL 3461 GAP 3480.25
/ES Plan: Yesterday market closed bullish (PBT 3500), but overnight looks more balanced, moving within yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS YVAH 3481 with bullish internals, buy towards ONH-ATH 3491 and PBT 3500.
B) If market moves below LIS YVAH 3481 with bearish internals, sell towards ONL-YPOC 3468 and YVAL 3461.
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.
Market Movers
09:00 Fed’s George Speech
09:10 Jerome Powell Speech
10:00 Pending Home Sales
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
12:30 PM Fed's Barkin Speech
01:00 PM 7-Year Note Auction
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
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