PPI data

Outlook 07/12: Stock futures are little changed Friday morning after the SP500 had its worst session since April, as investor evaluated the start of second-quarter earnings reporting season. Banks kicked off earnings results Friday. Wells Fargo tumbled 6%, JPMorgan are flat and Citi shares advance 3%. A reading of wholesale inflation came in slightly hotter than expected on Friday, but markets largely ignored those figures after a drop in the consumer price index a day earlier that spurred optimism the Federal Reserve would cut rates in September. 

/ESU24 (SEP2024): YVAH 5668 YPOC 5641 YVAL 5630 GAP 5639

/ES Plan: Yesterday market closed bearish (PBT 5609), but overnight, after PPI, looks balanced, still moving within previous value, so these're the opening and initial balance options for today:

A) If market moves above YPOC 5641 with bullish internals, buy towards YVAH 5668 and ATH-ETH 5707.75

B) If market moves below YPOC 5641 with bearish internals, sell towards YVAL-YLOD 5630 and HVE 5609. 

Note: New record high has been printed overnight, so it's still pending to be revisited at regular trading hours. It's Friday and traders who have made losses that week will likely take large risks to try and end the week with a profit. Try to be calm and focus on the market rather than thinking about your account.

Market Movers

10:00 AM Consumer Sentiment

01:00 PM Baker Hughes Rig Count 

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