Outlook 07/30: U.S. stock futures are ticking lower on the final trading day of the week and month. GDP data on Thursday suggested the pace of growth may be slowing. The U.S. economy expanded at a 6.5% annualized rate in Q2, but that was discouraging given expectations for 8.4% growth. Some are looking further into the data, seeing a larger-than-expected drag from the global supply chain shortages, which could mean an economic boom when the issues are finally ironed out.
/ESU21: YVAH 4422 YPOC 4419 YVAL 4408 GAP 4405.75
/ES Plan: Yesterday market closed bearish, but overnight looks more balanced, moving below yesterday's value, so these are the initial balance options for today:
A) If market moves above HVE 4385 with bullish internals, buy towards ONH 4400 GAP 4405.75 and YVAL 4408.
B) If market remains below HVE 4385 with bearish internals, sell towards ONL 4370.75 GAP 4363 and HVE 4349.
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
9:45 Chicago PMI
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
3:00 PM Farm Prices
8:30 PM Fed's Brainard Speech
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