Outlook 07/11

Context: The biggest sales day of the year for Amazon kicked off at 9 p.m. ET last night and has been expanded by six hours this year to 30 hours. Analysts are forecasting the discounted deals could lead to over $1B in sales, with Prime membership now around 85M in the U.S. That's one reason for Amazon's surging share price, which climbed almost 350% in the last five years by outpacing retail rivals.

Putting his first mark on the Federal Reserve, President Trump has nominated Randal Quarles, an investment manager and former Treasury official, to be the central bank's chief in charge of regulating big banks. Besides serving as vice chair of supervision, Quarles would weigh in on monetary policy as one of 7 members of the Fed's board of governors.

Plan: Yesterday closed bullish and Globex shows a bearish profile (GBT 2418) We are moving below yesterday's value so first idea is wait and see reaction (A or B) at YVVAL-GLVN 2424.50-2425 (Key Level)

A) If opening fails at 2425, I become a seller leaning on that edge 2424.50 towards CLVN-GBT 2419-2418. If 2418 fails, stay short towards GAP+NFPSoC 2408.

B) If market push above 2425 area, then I try to be a buyer towards ONH 2427.25 and upper edge YBT 2435 and CLVN 2439.

Tips: Follow any volume indicator: Delta, BSP or Internals like UVOLSP-DVOLSP to figure out buy or sell pressure at the opening.

Value references /ES: VAH 2429.25 POC 2427.75 VAL 2424.25

Today's Economic Calendar

8:55 Redbook Chain Store Sales
10:00 Job Openings and Labor Turnover Survey
10:00 Wholesale Trade
1:00PM 3-Year Note Auction

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

Subscribe Now to get early access by email.