Outlook 07/24: U.S. stock index futures pause after shares of Facebook, Apple, Amazon and Alphabet were hit after the close, all falling over 1%, as the DOJ followed Attorney General William Barr's interest in launching a broad antitrust investigation into Big Tech. Much of the rally on U.S. indices has been fueled by the FAANG stocks. Nasdaq futures are off by 0.7% on the news, ahead of today's quarterly report from Facebook, and Q2 results from Amazon and Alphabet on Thursday.
/ESU19 Value: YVAH 3003 YPOC 2996 YVAL 2991 GAP 3008
/ES Plan: Yesterday market closed leaving a bimodal profile (LIS 3001). Overnight auction looks bearish (PBT 2992), moving within yesterday's value, so these're today's options:
A) If market remains below LIS 3001 with bearish internals, sell towards ONL 2996 GAP 2989.25 and PBT 2983.
B) If market moves above LIS 3001 with bullish internals, buy towards HVE 3006 GAP-ONH 3008.25 and PBT 3012.
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
09:45 PMI Composite Flash
10:00 New Home Sales
10:30 EIA Petroleum Inventories
01:00 PM 5-Year Note Auction
Questions via @verniman direct message (RTH) or email (After Close).
Glossary of terms
