Rebound

Outlook 07/09: U.S. stock futures were mostly higher in early morning trading Friday a day after the major indexes fell amid concerns of a slowdown in global economic growth. The stocks that led the losses on Thursday led the gains in premarket trading Friday. Bank of America jumped nearly 2% in early trading, leading a bounce in financial shares. Thursday’s losses came as the proliferation of the highly infectious delta Covid variant also fueled worries about the global economic comeback.

/ESU21: YVAH 4311 YPOC 4291 YVAL 4284 GAP 4308.75

/ES Plan: Last session market closed bearish, but overnight looks more bullish (PBT 4360), moving above yesterday's value, so these are the initial balance options for today:

A) If market moves above LIS 4327 with bullish internals, buy towards  GAP 4349 ATH 4353.25 and PBT 4367.

B) If market moves below LIS 4327 with bearish internals, sell towards YVAH 4311 GAP 4308.75 and ONL 4293.25

Note: Market opens above previous value area and it's a clearly bullish signal. But, if market begins to trade within value with volume increasing, 'Value Area Rule (VAR)' comes into play. 

Market Movers

10:00 Wholesale Inventories 

1:00 PM Baker-Hughes Rig Count

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