Outlook 08/18

Context: John Williams has become the latest Fed official to offer what some consider a signal of a rate hike in September. He said the central bank should raise rates "sooner rather than later" given domestic economic momentum. Williams isn't a voter on the FOMC this year, but he's worth listening to given his close ties with Janet Yellen.

Plan: Globex is bearish, moving below value within 2173-2185 range. It seems an open test drive, so first idea is to be a seller below VAL-POC 2180.25-2180.75, using profile setups towards VPOC 2169.50. If that fails, I become a buyer towards GAPs 2183.25-2186.25

Value References (/ESU6): VAH 2183.75 POC 2180.75 VAL 2180.25

Economic Data (ET): 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.