Outlook 08/07: Tuesday comes with the June job openings and labor turnover survey (JOLTS). Economists estimate the number of job openings remained historically high at 6.6 million. Media giant Disney is expected to announce quarterly earnings after the closing bell.
/ESU8 Value: YVAH 2853 YPOC 2850 YVAL 2842
/ES Plan: Yesterday market closed bullish (PBT 2865) and overnight looks bullish too (GBT 2864), moving above yesterday's value, so we've these options:
A) If market remains above YVAH 2853 with bullish internals, become a buyer above 2853 towards ONH 2858.50 HVE 2859 GBT 2864 and PBT 2865. 'Look below and fail' is a bullish signal.
B) If market starts to move below YVAH 2853 with bearish internals, try to sell leaning on 2853 towards GAP 2850 ONL 2848.25 and YVAL 2842. 'Look above and fail' is a bearish signal.
Tips: Try to keep a common sense approach and minimize edge expectation. Trade with the ES/SP convergence. Main tools are LIS identification, Futures/Cash convergence and Manage risk scaling out.
Today's Economic Calendar
10:00 Job Openings and Labor Turnover Survey
01:00 PM 3-Year Note Auction
03:00 PM Consumer Credit
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.
