Outlook 08/06: U.S. stock futures look balanced after weekly jobless claims hit their lowest level of the pandemic area, totaling 1.186 million last week, well below Wall Street expectations. Markets reacted positively to the news, with futures shaving almost all of their earlier losses as stocks looked to open about flat.
/ESU20 Value: YVAH 3321 YPOC 3318 YVAL 3315 GAP 3315.25
/ES Plan: Yesterday market closed bullish, but overnight looks more balanced, moving within yesterday's range, so these are the initial balance options for today's opening:
A) If market remains above LIS 3312 with bullish internals, buy towards HVE 3328 ONH 3329.25 and GAP 3340.
B) If market moves below LIS 3312 with bearish internals, sell towards ONL 3300.50 GAP 3299.25 and HVE 3280.
Note: Overnight inventory is neutral and market opens within previous value area, a signal of balanced market. Trading from responsive versus initiative would be preferred, so don't be 'too anxious' to trade early. If we're within value we want to have some patience until market breaks.
Market Movers
10:00 Fed's Kaplan Speech
10:30 EIA Natural Gas Inventory
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
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