Outlook 08/13: U.S. stock futures inched between gains and losses overnight following a steady August rally that pushed the SP500 to the cusp of fresh record high on Wednesday. Latest round of jobless claims this morning, which totaled 963,000 last week vs the estimate of 1.1 million. That was the first time below 1 million since March 14.
/ESU20 Value: YVAH 3381 YPOC 3372 YVAL 3362 GAP 3370
/ES Plan: Yesterday market closed bullish (PBT 3418), 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 below LIS YPOC 3372 with bearish internals, sell towards HVE 3358-3349-3338 and GAP 3329.50
B) If market moves above LIS YPOC 3372 with bullish internals, buy towards ONH 3375.75 HVE 3388 and ATH 3397.50
Note: Overnight inventory is balanced 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
10:30 EIA Natural Gas Inventory
11:00 Fed's Bostic Speech
1:00 PM 30-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
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