Outlook 08/03

Context: Futures modestly lower as earnings flood in and the reversal in oil prices to $40 a barrel is rippling through equity and bond markets. Atlanta Fed President Dennis Lockhart is not ruling out a rate increase at the U.S. central bank's next meeting in September, saying "at this point... we just have to wait and see how the data comes in."

Plan: Globex is balanced, moving in value within 2151-2139 range. It seems an open auction, so first idea is to be a responsive seller below CLVN-VAH 2151-2153 towards CLVN 2139. If that idea fails, I become a buyer towards GAP 2164.75

Value References (/ESU6): VAH 2153.50 POC 2147 VAL 2144.50

Economic Data (ET): 9:45 PMI Services Index; 10:00 ISM Non-Manufacturing Index; 10:30 EIA Petroleum Inventories.

Notice: Trading process and plan are based on the Auction Theory.

Warning: Trading Futures involves substantial risk of loss and is not suitable for all investors. The past performance is not necessarily indicative of future results. All the information on this website is for educational purposes and is not intended to provide financial advice.