Outlook 07/19: U.S. stock index futures suggest a new session of gains. New York Fed Governor John Williams got the ball rolling with comments that rate setters were better off taking "preventative measures than to wait for disaster to unfold," though the bank later said he didn't intend to signal any specific policy changes. Fed Vice President Richard Clarida later echoed William's proactive approach, saying you "don't have to wait until things get bad to have a dramatic series of rate cuts."
/ESU19 Value: YVAH 2990 YPOC 2984 YVAL 2976 GAP 2997.75
/ES Plan: Yesterday market closed bimodal bullish and overnight auction continues on that way, moving a few ticks above yesterday's high, so these're today's options:
A) If market remains above LIS YHOD 3005 with bullish internals, buy towards ONH 3009.50 HVE 3018 and ATH 3023.50
B) If market moves below 3005 with bearish internals, sell towards GAP 2997.75 ONL 2996.25 YVAH 2990 and YPOC 2884.
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 Consumer Sentiment
11:05 Fed's Bullard Speech
01:00 PM Baker-Hughes Rig Count
04:30 PM Fed's Rosengren Speech
Questions via @verniman direct message (RTH) or email (After Close).
Glossary of terms
