Outlook 07/30: Trade negotiations shift to Shanghai today, with stock market investors sensitive to fallout from the year-long conflict and any signs that it could escalate. U.S. equity futures are suggesting modest declines, as Steven Mnuchin and Robert Lighthizer meet with China's Vice Premier Liu He. Traders are also keeping a cautious stance on risk as the Fed kicks off its two-day policy meeting in Washington, as well as another heavy slate of corporate earnings, highlighted by Apple's third quarter report after the market close.
/ESU19 Value: YVAH 3024 YPOC 3022 YVAL 3018 GAP 3022
/ES Plan: Yesterday market closed balanced but overnight auction looks slight bearish, moving below yesterday's range, so today's options:
A) If market remains below HVE LIS 3006 with bearish internals, sell towards ONL 3004.50 and GAPs 2989.25-2877.25
B) If market moves above 3006 with bullish internals, buy towards YLOD 3015.50 GAP 3022 ONH 3027.50 and ATH 3029.50
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.
Today's Economic Calendar
09:00 SP Corelogic Case-Shiller Home Price Index
10:00 Consumer Confidence
10:00 Pending Home Sales
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