Outlook 07/10: U.S. equity futures are suggesting a bullish open on Wall Street, ahead of Powell's big day on Capitol Hill and his likely defense of central bank independence in response to President Trump’s criticism of Fed policy. Adding to the excitement is the release of minutes from the FOMC's last rate decision, offering new detail on how officials judged growing risks from trade uncertainty before last month's G20 summit.
/ESU19 Value: YVAH 2981 YPOC 2979 YVAL 2968 GAP 2982.25
/ES Plan: Yesterday market closed leaving a bullish imbalance and overnight action has repaired that anomaly, so we've a temporary balance. These're today's options:
A) If market remains above LIS HVE 2995 with bullish internals, buy towards ONH 2996.25 ATH 3006 and PBT 3019.
B) If market moves below LIS 2995 with bearish internals, sell towards YHOD 2986.25 GAP 2982.25 and ONL 2971.25.
Tips: Watching at the bigger picture, ATH has been printed ON and usually that new ATH should be revisited at RTH.
Today's Economic Calendar
10:00 Wholesale Trade
10:00 Powell testimony
10:30 EIA Petroleum Inventories
01:00 PM 10-Year Note Auction
01:30 PM Fed's Bullard Speech
02:00 PM FOMC minutes
Questions via @verniman direct message (RTH) or email (After Close).
Glossary of terms
