Powell fired?

Outlook 07/17: Stock futures edged higher on Thursday as traders pored through the latest earnings and weighed the latest in President Donald Trump’s feud with Federal Reserve Chairman Jerome Powell. The second-quarter earnings season is off to a strong start. More than 45 SP500 components have reported thus far, with 87% of those exceeding analyst expectations. Market is coming off a volatile trading session after Trump denied that he was planning to fire Powell from his position as Fed chief. Tensions between the White House and the Fed have escalated as Trump continues to push the Fed chief to lower interest rates. Most recently, administration officials have railed against Powell over renovations to the Fed’s Washington headquarters. 

ESU25 (SEP2025): YVAH 6301 YPOC 6295 YVAL 6273 GAP 6301

/ES Plan: Yesterday market closed bearish, but overnight, after PPI, looks bullish, moving within previous value, so these're the opening and initial balance options for current session:

A) If market remains above YHOD 6309 with bullish internals/delta, buy towards ATH-ETH 6342 pending and PBTs 6355-6365 all magnets.

B) If market moves below YHOD 6309 with bearish internals/delta, sell towards YVAH-GAP 6301 YPOC 6295 and YVAL 6273 all magnets.

Note: Remember that new record high has been printed overnight, so it's still pending to be revisited at regular hours. Market opens above value and if it begins to trade within value, VAR setup comes in play. 

Market Movers

12:45 ET Fed’s Daly speaks

13:00 ET WH Press Leavitt

13:30 ET Fed’s Cook speaks 

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