Outlook 08/21: U.S. stock futures dropped Friday morning, one day after markets closed higher as strength in tech stocks offset concerns about weekly initial jobless claims rising back above 1 million. Sentiment has been kept in check this week, however, by mixed economic data and a warning from the Federal Reserve.
/ESU20 Value: YVAH 3385 YPOC 3374 YVAL 3364 GAP 3381
/ES Plan: Yesterday market closed bullish, but overnight looks more balanced, moving within yesterday's value, so these are the initial balance options for today's opening:
A) If market moves above LIS YPOC 3364 with bullish internals, buy towards GAP 3381 YVAH 3385 and ONH 3393.50
B) If market moves below LIS YPOC 3364 with bearish internals, sell towards YVAL 3364 HVE 3358 and ONL 3356.75
Note: Overnight inventory is neutral 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'. If we're within value we want to have some patience until market shows a clear bias.
Market Movers
09:45 PMI Composite Flash
10:00 Existing Home Sales
1:00 PM Baker-Hughes Rig Count
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