Pre-Market Outlook – 8/23/2021

We have 4500 as a magnet, as with most round numbers. Otherwise, it will be a flat open. Use the overnight high at 4492 as your first target for continued bull behavior.

Below the halfback and top of the single prints at 4470.25 is the only level likely to change the tone back to negative. There is nothing on the docket to upset the apple cart before the Fed speech on Friday – unless conditions overseas rear their proverbial head.

I am just going to take the day as it comes, with a slight bias in favor of a range day. Don’t forget to mark and project your opening range for a breach trade.

A.F. Thornton