Outlook 07/29: Summer vacation is not in sight for traders as they gear up for what might be one of the busiest weeks of 2019, with U.S. stock index futures holding their breath ahead of the open. The highlight is Wednesday's decision by the Federal Reserve that will likely see Chairman Jerome Powell and colleagues cut interest rates for the first time in more than a decade, and leave open the possibility of further action down the road. U.S. and China trade talks are also resuming in Shanghai, and the monthly jobs report on Friday will shed light on whether the Fed's move was necessary. Don't forget about earnings season, which kicks into high gear with Q2 results from Apple, Berkshire Hathaway and General Electric.
/ESU19 Value: YVAH 3029 YPOC 3024 YVAL 3018 GAP 3024
/ES Plan: Last Friday market closed bimodal (LIS 2022) leaving a poor high. Overnight auction looks slight bullish, moving within Friday's value, so these're today's options:
A) If market remains above LIS 3022 with bullish internals, buy towards ONH 3027.25 ATH 3029.50 and PBTs 3033-3042.
B) If market moves below LIS 3022 with bearish internals, sell towards ONL 3020 HVE-YVAL 3018 and GAP-HVE 3006.
Tips: Watching at the bigger picture, last ATH leaves a poor high without a decent excess on it. Market needs an excess high to call an end.
Today's Economic Calendar
10:30 Dallas Fed Manufacturing Survey
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