Outlook 07/22: U.S. stock futures point to lower open after U.S. jobless claims show surprise gain, well above expectations. Weekly jobless claims totaled 419,000 for the week ended July 17, above the 350,000 estimate. The total represented a gain from the previous week’s 368,000. The news sent stock market futures off their highs for the morning, with SP500 pointing to a slightly negative open. Last week’s surprise increase in claims comes as fears grow over the relatively new delta variant of the coronavirus.
/ESU21: YVAH 4349 YPOC 4341 YVAL 4331 GAP 4352.50
/ES Plan: Yesterday market closed bullish, but overnight looks more bearish, moving within yesterday's value, so these're today's options:
A) If market moves above YVAH 4349 with bullish internals, buy towards ONH 4361.25 HVE 4365 and GAP 4368.25
B) If market remains below YVAH 4349 with bearish internals, sell towards YPOC 4341 YVAL 4331 and GAP 4319.
Note: Market looks balanced, so don't be 'too anxious' to trade early. Bad trades occur are when you try to force things to happen, don’t force it.
Market Movers
10:00 Existing Home Sales
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
4:30 PM Fed Balance Sheet
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