Outlook 07/31: Stock futures print new record high after “Magnificent Seven” titans Microsoft and Meta respectively rose about 8% and 11% in premarket trading on the back of better-than-expected quarterly earnings. Fellow Mag-7 names Apple and Amazon are slated to report earnings after the bell Thursday. The Federal Reserve left its benchmark overnight policy rate steady at its July meeting, not all members agreed with the decision. Fed governors Michelle Bowman and Christopher Waller dissented with the call to keep the key interest rate at a range of 4.25% to 4.50%. When asked about a potential policy change in September, Powell said that the Fed has “made no decisions.”
ESU25 (SEP2025): YVAH 6431 YPOC 6415 YVAL 6392 GAP 6431
/ES Plan: Yesterday market closed bullish, and overnight continues on that way, moving well above previous value/range, so these're the opening and initial balance options for current session:
A) If market remains above ON-VAL 6450 with bullish internals/delta, buy towards ON-ATH 6468 and ON-PBT 6477 both magnets.
B) If market moves below ON-VAL 6450 with bearish internals/delta, sell towards YVAH-GAP 6431 YPOC 6415 and YVAL 6392 all magnets.
Note: Overnight inventory is 100% bullish. The expected action is a counter-auction. Failure to see the counter-auction would be an indication of potential bullish trend day. If market opens above value and it begins to trade within value, VAR setup comes in play. Remember that a new record high has been printed overnight, so it's still pending to be revisited at regular trading hours. Keep in mind that Today is a re-balance day, end of Month for Mutual and Pensions funds. They need a strong buying activity to re-balance their positions ahead August.
Market Movers
09:45 ET US Chicago PMI for July
11:30 ET 4-Week Bill Auction
13:00 ET WH Press Briefing
16:00 ET Amazon Q2 Earnings
16:30 ET Apple Q3 Earnings
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