Outlook 07/13: U.S. stock futures point to a lower open after Inflation continued its rapid surge in June, rising at its fastest pace in nearly 13 years. The consumer price index increased 5.4% from a year ago, the largest jump since just before the financial crisis. On a monthly basis, headline and core prices both rose 0.9% against 0.5% estimates. Stock market futures fell following the report, while government bond yields, which have been down precipitously, were mixed.
/ESU21: YVAH 4379 YPOC 4371 YVAL 4364 GAP 4376.50
/ES Plan: Yesterday market closed bullish, but overnight looks more bearish, moving below yesterday's value, so these are the initial balance options for today:
A) If market moves above YVAL-HVE 4364 with bullish internals, buy towards GAP 4376.50 ATH 4379.25 and PBT 4400.
B) If market remains below YVAL-HVE 4364 with bearish internals, sell towards ONL 4356.50 HVE 4348 and YLOD 4342.
Note: Market opens below previous value area and it's a clearly bearish signal. But, if market begins to trade within value with volume increasing, 'Value Area Rule (VAR)' comes into play.
Market Movers
12:00 PM Fed's Bostic Speech
12:45 PM Fed's Kashkari Speech
1:00 PM 30-Year Note Auction
2:00PM Treasury Statement
2:30 PM Fed's Bostic Speech
2:50 PM Fed's Rosengren Speech
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