Outlook 08/12

Context: All three major U.S. equity indexes rose to new highs on Thursday, in an alignment that hasn't occurred since December 31, 1999. The records punctuate a march that defies stocks' sharp downdraft at the start of the year and traders are now debating if the trend will continue, move sideways or whether a top is in sight.

Plan: Globex is balanced, moving within 2139-2185 range. It seems an open auction below value, so first idea is to be a seller towards LVN 2174.50 and GAP 2172.75. If that fails, I become a buyer towards POC 2183.25 and PBT 2190.

Value References (/ESU6): VAH 2184.25 POC 2183.25 VAL 2180.25

Economic Data (ET): 10:00 Business Inventories; 10:00 Consumer Sentiment; 1:00 PM Baker-Hughes Rig Count.

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.