Outlook 07/16: U.S. stock index futures are now in wait-and-see mode as earnings season gets underway in earnest. Goldman Sachs, JPMorgan, Wells Fargo and Charles Schwab will report Q2 results before the bell, along with other big names such as Johnson and Johnson and Domino's Pizza. Citigroup kicked off the earnings season yesterday with a mixed quarterly report as the bank revealed better-than-expected profits, but also a decline in its net interest margin.
/ESU19 Value: YVAH 3018 YPOC 3016 YVAL 3014 GAP 3017.50
/ES Plan: Last session market closed balanced and overnight continues on that way, moving a few ticks above yesterday's value, so these're today's options:
A) If market remains above LIS HVE 3018 with bullish internals, buy towards ONH 3021.75 and ATH 3023.50
B) If market moves below LIS 3018 with bearish internals, sell towards ONL 3016 YVAL 3014 and HVE 3010.
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 Business Inventories
10:00 NAHB Housing Market Index
10:05 Fed’s Bostic Speech
12:20 PM Fed's Kaplan Speech
01:00 PM Jerome Powell Speech
03:30 PM Fed's Evans Speech
04:00 PM Treasury International Capital
Questions via @verniman direct message (RTH) or email (After Close).
Glossary of terms
