Outlook 07/23: U.S. stock index futures head back to record highs after the U.S. and China moved closer to their first face-to-face talks in months, while President Trump appeared to soften his stance on blacklisted Huawei. Congress also struck a deal late Monday with the White House over spending, while investors await the latest round of corporate results from Visa, Coca-Cola, and Lockheed Martin.
/ESU19 Value: YVAH 2989 YPOC 2987 YVAL 2983 GAP 2989.25
/ES Plan: Yesterday market closed leaving a bullish imbalance. Overnight auction has repaired it, leaving a bimodal balanced profile, so these're today's options:
A) If market remains above LIS 2997 with bullish internals, buy towards HVE 3006-3018 and OTH-ON 3013.50
B) If market moves below 2997 with bearish internals, sell towards YHOD 2993.50 GAP 2989.25 and ONL 2987.50
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, and ATH has been printed ON and usually ON-ATH should be revisited at RTH.
Today's Economic Calendar
10:00 Existing Home Sales
10:00 Richmond Fed Mfg.
01:00 PM 2-Year Note Auction
Questions via @verniman direct message (RTH) or email (After Close).
Glossary of terms
