Outlook 07/26: U.S. stock index futures point to a modestly higher open after the Commerce Department reported that GDP increased 2.1%, down from 3.1% from the first quarter, the weakest increase since the first quarter of 2017 as President Donald Trump took office. However, the underlying numbers in the report seemed to take steam out of the recession fears that have been much of the talk among economists and policymakers at the Federal Reserve. Chance the Fed would lower US Rates by 25 bps next week climbed to 81% after GDP data.
/ESU19 Value: YVAH 3015 YPOC 3007 YVAL 3002 GAP 3005.50
/ES Plan: Yesterday market closed bearish but overnight auction looks slight bullish, moving at yesterday's value high, so today's options:
A) If market moves above LIS YVAH 3015 with bullish internals, buy towards HVE 3018 GAP 3021.50 and ATH 3027.75
B) If market moves below YVAH 3015 with bearish internals, sell towards ONL-HVE 3006 GAP 3005.50 and YVAL 3002.
Tips: Watching at the bigger picture, new ATH leaves a poor high without a decent excess on it. Market needs an excess high to call an end, and new ATH has been printed ON and should be revisited at RTH.
Today's Economic Calendar
1:00 PM Baker-Hughes Rig Count
Questions via @verniman direct message (RTH) or email (After Close).
Follow RTH updates using TweetDeck alerts
