Outlook 07/23: U.S. stock futures are on track to close the week solidly in the green. That would mark the fourth positive week in five and a rebound from last week’s losses. The earnings results have continued to be strong and guidance is showing that the Delta variant isn't impacting the recovery, so far at least. Tech strength is continuing to power the latter index as shares of Snap and Twitter soared on stronger-than-expected Q2 numbers.
/ESU21: YVAH 4360 YPOC 4355 YVAL 4349 GAP 4363
/ES Plan: Yesterday market closed bullish, and overnight looks bullish but bimodal (LIS 4375), moving above yesterday's range, so these are the initial balance options for today:
A) If market remains above LVN 4375 with bullish internals, buy towards ONH 4383 ATH 4384.50 and PBT 4391-4400.
B) If market moves below 4375 with bearish internals, sell towards ONL 4367 HVN 4365 GAP 4363 and YVAH 4360.
Note: Overnight inventory is 100% bullish. 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
9:45 PMI Composite Flash
1:00 PM Baker-Hughes Rig Count
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