FOMC week

Outlook 07/29: Stock futures rise ahead of major tech earnings reports set for later this week. This week’s earnings slate will play a role in determining whether tech stocks can now bounce back. Microsoft, Meta Platforms, Apple and Amazon are all set to report their quarterly results in the coming days. Another key event this week will be the Federal Reserve meeting, with the central bank set to release a new policy statement on Wednesday. The Fed is not expected to cut interest rates this week, but traders will be looking for clues as to how likely the central bank is to make a move at its September meeting.

ESU24 (SEP2024): YVAH 5504 YPOC 5487 YVAL 5478 GAP 5500

/ES Plan: Last session market closed balanced, but reopening looks bullish (PBT 5548), moving above previous value, so these're the opening and initial balance options for today:

A) If market moves above YHOD 5528 with bullish internals, buy towards ONH 5530 HVE 5540 and PBT 5548.

B) If market moves below YHOD 5528 with bearish internals, sell towards YVAH-GAP 5500 and YVAL 5478.

Note: Market opens above value and if it begins to trade within value, VAR comes into play. It's Monday, usually the quietest days of the week. Many traders want to take their time analyzing the market, and usually, there are few economic releases. 

Market Movers

10:30 Dallas Fed Manufacturing Survey 

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