Down Day

Outlook 07/08: U.S. stock futures dropped sharply as worries resurface about the economic comeback from the pandemic. Japan declared a state of emergency in Tokyo for the upcoming Olympics, while the worldwide death toll from COVID-19 topped 4M late on Wednesday. U.S weekly jobless claims unexpectedly rise to 373,000, as job growth slows. Initial filings for unemployment insurance unexpectedly rose last week, a possible hint that the rapid job growth seen the first half of 2021 could face hurdles.

/ESU21: YVAH 4353 YPOC 4344 YVAL 4339 GAP 4349.75

/ES Plan: Last session market closed balanced, but overnight looks 100% bearish (PBT 4230), moving below yesterday's value, so these are the initial balance options for today:

A) If market moves above LIS 4290 with bullish internals, buy towards  YLOD 4320 YVAL 4339 and  YPOC 4344.

B) If market moves below LIS 4290 with bearish internals, sell towards ONL 4279 GAP 4258 HVE 4250 and HVE 4233.

Note: Overnight inventory is 100% bearish. The expected action is a counter-auction relative to overnight inventory; failure to see the counter-auction would be an indication of potential trend day.

Market Movers

10:30 EIA Natural Gas Inventory

11:00 EIA Petroleum Inventories

3:00 PM Consumer Credit

4:30 PM Fed Balance Sheet

Follow updates using TweetDeck. Primary twitter language is English. 

Follow the market news and listen to the order flow via FinancialJuice.

Questions via twitter direct message (RTH)