Outlook 08/25: U.S. stock futures point to more gains after another record-setting session that saw the benchmark close above 3,400 for the first time. The latest advance follows a discussion between U.S. and Chinese trade negotiators, with both sides seeing progress on a Phase One trade deal and committing to its success in their first formal dialogue since early May.
/ESU20 Value: YVAH 3422 YPOC 3417 YVAL 3413 GAP 3427
/ES Plan: Yesterday market closed bullish (PBT 3440 fulfilled), and overnight continues on that way (PBT 3454), moving above yesterday's range, so these are the initial balance options for today's opening:
A) If market remains above LIS 3438 with bullish internals, buy towards ONH 3448.75 and PBT 3454.
B) If market moves below LIS 3438 with bearish internals, sell towards GAP-ONL 3427 and YVAH 3422.
Note: Remember that record highs has been printed overnight, so it's still pending to be revisited at regular trading hours. Watching at the bigger picture, new ATH leaves an excess high and that anomaly opens the gate for a major reversal.
Market Movers
10:00 Consumer Confidence
10:00 New Home Sales
10:00 Richmond Fed Mfg.
01:00 PM 2-Year Note Auction
03:25 PM Fed's Daly Speech
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