Outlook 08/23

Context: Futures are slightly higher in a week largely dominated by the upcoming Federal Reserve meeting in Jackson Hole, Wyoming. A speech on Friday by Fed Chair Janet Yellen could settle the matter on if a September rate hike should be priced in.

Plan: Globex is bullish (GBT 2193.50), moving above value, above 2173-2185 range. Fair Value (FV) 2180.25. It seems an open test drive, so first idea is to be a buyer using profile setups towards VPOC 2189.50 GBT 2193.50. If that fails, I become a seller towards POC-FV 2180.25

Value References (/ESU6): VAH 2182.25 POC 2180.25 VAL 2176.25

Economic Data (ET): 10:00 New Home Sales and Richmond Fed Mfg.

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.