Outlook 07/20: U.S. stock futures set to bounce after Monday's slide. To start the week, U.S. markets sank, as Covid cases have rebounded in the U.S. this month, with the delta variant spreading among the unvaccinated. The U.S. is averaging nearly 26,000 new cases a day in the last seven days through Sunday, up from a seven-day average of around 11,000 cases a day a month ago, according to CDC data. Cases were already flaring up around the world because of the delta variant.
/ESU21: YVAH 4357 YPOC 4332 YVAL 4326 GAP 4354.50
/ES Plan: Yesterday market closed bullish, and overnight continues on that way, moving above yesterday's value, so these're today's options:
A) If market remains above YVAH-HVE 4257 with bullish internals, buy towards ONH 4379.25 and GAP 4314.75
B) If market moves below YVAH-HVE 4257 with bearish internals, sell towards YPOC-HVE 4332 and YVAL 4326.
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
No economic data scheduled for today.
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