Outlook 08/28: U.S. stock futures looks balanced waiting for more fun in Jackson Hole today as the two-day virtual symposium concludes with the last livestreams from central bankers and other influential officials. Nothing is likely to compare to yesterday's speech from Fed Chair Jerome Powell, which will have a transformative effect on U.S. monetary policy for the foreseeable future. The central bank said it will keep interest rates low to help prop up the pandemic ravaged economy even if inflation rises above its target level of 2%.
/ESU20 Value: YVAH 3494 YPOC 3490 YVAL 3477 GAP 3485
/ES Plan: Yesterday market closed bullish (PBT 3514), but overnight looks more balanced, moving a few ticks above yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS YVAH 3494 with bullish internals, buy towards ONH-ATH 3509.50 and PBT 3514.
B) If market moves below LIS YVAH 3494 with bearish internals, sell towards ONL-GAP 3485.25 and YVAL 3477.
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
09:45 Chicago PMI
10:00 Consumer Sentiment
01:00 PM Baker-Hughes Rig Count
03:00 PM Farm Prices
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