Outlook 08/17: U.S. stock futures were steady Monday morning, with the SP500 less than 1% away from its record high. Speaker Nancy Pelosi is calling the House back into session, cutting lawmakers’ summer recess short as concerns grow among Democrats over whether the Trump White House is trying to undermine the U.S. Postal Service ahead of the election. Many Americans are expected to vote by mail to avoid going to polling places during the coronavirus outbreak.
/ESU20 Value: YVAH 3371 YPOC 3365 YVAL 3360 GAP 3362
/ES Plan: Last session market closed balanced, and overnight continues on that way, moving above Friday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS YVAH 3371 with bullish internals, buy towards HVEs 3384-3388 and ATH 3397.50
B) If market moves below LIS YVAH 3371 with bearish internals, sell towards GAP 3362 and HVEs 3358-3349-3338.
Note: Overnight inventory is neutral but market opens above previous value area. When a market opens above value but then fails to go through the overnight high and begins to trade back into value with volume at lows increasing, it is a signal of reversal. There is a strong tendency to rotate all the way through the value area.
Market Movers
10:00 NAHB Housing Market Index
04:00 PM Treasury International Capital
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