Outlook 08/14: U.S. stock futures slipped 0.2% in overnight action. Weighing on sentiment is the stalemate over economic stimulus in Washington, the seizure of Iranian fuel cargo, renewed travel restrictions in Europe and a fall in Chinese retail sales. Traders are also bracing for high-level trade talks between U.S. and Chinese officials over the weekend, with Vice Premier Liu He expected to bring up concerns over the executive orders against WeChat and TikTok.
/ESU20 Value: YVAH 3380 YPOC 3377 YVAL 3367 GAP 3367
/ES Plan: Yesterday market closed bullish (PBT 3398), but overnight looks balanced, moving below yesterday's value, so these are the initial balance options for today's opening:
A) If market remains below LIS YVAL 3367 with bearish internals, sell towards HVE 3358 ONL 3350 and GAP 3329.50
B) If market moves above LIS YVAL 3367 with bullish internals, buy towards ONH 3380.50 HVE 3388 and ATH 3397.50
Note: Overnight inventory is neutral but market opens below previous value area. When a market opens below value but then fails to go through the overnight low and begins to trade back into value with volume at highs 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 Business Inventories
10:00 Consumer Sentiment
10:00 Fed's Kaplan Speech
01:00 PM Baker-Hughes Rig Count
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