Outlook 08/20: U.S. stock futures set to drop again after U.S. weekly jobless claims jump back above 1 million. The number of people filing for unemployment benefits last week was greater than expected, raising concern about the state of the economy as lawmakers struggle to move forward on a new coronavirus stimulus package. The Labor Department said initial jobless claims for the week ending Aug. 15 came in at 1.106 million. Economists expected a total of 923,000. Last week’s spike in claims came as Democrats and Republicans struggle to move forward on a new coronavirus stimulus bill.
/ESU20 Value: YVAH 3394 YPOC 3392 YVAL 3379 GAP 3372.50
/ES Plan: Yesterday market closed bearish, and overnight continues on that way, moving below yesterday's range, so these are the initial balance options for today's opening:
A) If market remains below LIS HVE 3358 with bearish internals, sell towards HVE 3349 ONL 3344.75 HVE 3338 and GAP 3329.
B) If market moves above LIS HVE 3358 with bullish internals, buy towards HVE 3365 ONH 3370.25 GAP 3372.50 and YVAL 3379.
Note: Overnight inventory is 100% bearish. The expected action is a counter-auction relative to overnight inventory; failure to see the counter-auction would be an indication of a potential trend day.
Market Movers
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
01:00 PM Fed's Daly Speech
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
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