Outlook 07/16: Markets will be listening for developments as President Donald Trump travels overseas. Trump meets with Russian President Vladimir Putin in Finland. Among other things, markets will be interested in possible changes to sanctions against Russia. In the U.S., retail sales rose 0.5% in June, as expected.
/ESU8 Value: YVAH 2806 YPOC 2804 YVAL 2800
/ES Plan: On Friday closed bullish (PBT 2813) Overnight shows a bimodal profile (LIS 2804), moving within Friday's range, so we've these options:
A) If market remains below LIS 2804 with bearish internals, try to sell leaning on 2804 towards YVAL 2800 and HVEs 2795-2789. 'Look above and fail' is a bearish signal.
B) If market starts to move above LIS 2804 with bullish internals, become a buyer above 2804 towards ONH 2809 and PBTs 2813-2818. 'Look below and fail' is a bullish signal.
Tips: Line in the Sand (LIS) remains valid during the Initial Balance (1st RTH Hour), then RTH VWAP comes into play as dinamic Bull/Bear Line. Best entry location is as close as possible to that Bull/Bear line. Just wait for ES price action and SP internals convergence to take a trade.
Today's Economic Calendar
10:00 Business Inventories
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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