Outlook 07/26: U.S. stock futures look balanced after Trump has secured concessions from EU to avoid trade war. Markets will be inundated with corporate earnings as 74 members of the SP500 are scheduled to report results, but the main event will be Amazon, set to report earnings after the market close.
/ESU8 Value: YVAH 2835 YPOC 2833 YVAL 2820
/ES Plan: Yesterday closed bullish after Trump-EU news (SoC 2831) and overnight looks balanced, moving a few ticks above yesterday's value, so we've these options:
A) If market remains above YVAH 2835 with bullish internals, become a buyer above 2835 towards ONH 2839.50 GAP 2841.50 YHOD 2850 and ATH 2878.50 'Look below and fail' is a bullish signal.
B) If market starts to move below YVAH 2835 with bearish internals, try to sell leaning on 2835 towards LVN-SoC 2831 YVAL 2820 and GAP 2811.75 'Look above and fail' is a bearish signal.
Tips: Consider the habits of the product you trade, such as '10 Handle Rule' 'Value Area Rule' and 'One Tick Failure'. More info on Glossary.
Today's Economic Calendar
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
01:00 PM 7-Year Note Auction
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
Questions? Just ask via email or twitter @verniman direct message.
