Jackson Hole Symposium

Context: Monetary policymakers from around the world are gathering in Jackson Hole for the Federal Reserve's annual powwow on economic policy. Janet Yellen is preparing for what could be her final visit as Fed Chair, while Mario Draghi could offer clues as to when the ECB will begin to taper QE. While many topics will be explored, the official theme of this year's conference is "Fostering a Dynamic Global Economy."

/ES Value: YVAH 2446 YPOC 2444 YVAL 2442

/ES Plan: Yesterday closed bearish (PBT 2434), after trying upper edge (CLVN 2453). Look above and fail. Overnight inventory is balanced moving within yesterday's value, so we've 2 options:

A) If the market moves above CLVN 2441 and remains above on subsequent tests, try to be a buyer towards CLVN-YVAH-GAP 2453. Internals should be neutral or positive. Failure to take out ONH early is signal of weakness and potential for a move lower.

B) If market moves below CLVN 2441 and remains below on subsequent tests, try to be a seller towards GAP-CHVN 2432-2428. Internals should be neutral or negative. Failure to take out ONL early is signal of rejection and potential for a move higher.

Tips: Yesterday, we saw classic 'Look Above and Fail', that means lack of volume increasing at highs that support buyers attemp. The other option was 'Look Above and Go', when you see peak of volume at highs. Similar to the downside. That's typical struggle before value transition.

Today's Economic Calendar

08:30 AM Initial Jobless Claims
09:45 AM Bloomberg Consumer Comfort Index
10:00 AM Existing Home Sales
10:30 AM EIA Natural Gas Inventory
11:00 AM Kansas City Fed Mfg Survey

Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.