Chip stocks

Outlook 07/16: Stock futures tick lower lower Thursday, after a slide in Taiwan Semiconductor following its latest earnings dragged on chip stocks. Kevin Warsh testified Wednesday before the Senate banking committee, facing questions over the economy and how various factors might impact interest rates. Legislators tried baiting Warsh into commenting on fiscal and political matters, but he largely avoided the topics, stressing the importance of the Fed staying focused on its assigned responsibilities. 

ESU26 (Sep2026): YVAH 7618 YPOC 7606 YVAL 7600 GAP 7614

/ES Plan: Yesterday market closed bullish (PBT 7640), but overnight looks bearish, moving below previous value, so these're the opening and initial balance options for current session:

A) If market moves above YVAL 7600 with bullish internal/delta, buy towards GAP 7614 and YVAH 7618 magnets.

B) If market moves below YVAL 7600 with bearish internal/delta, sell towards ONL 7580 and YLOD 7571.

Note: If market opens below value and it begins to trade within value, VAR bullish setup comes in play.

Market Movers

10:00 Pending Home Sales

10:00 NAHB Housing Market Index

10:00 Business Inventories

11:30 4-Week Bill Auction

12:30 Fed's Logan Speaks

13:00 White House Press Briefing

13:25 Fed's Schmid Speaks

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