Outlook 07/08: U.S. Markets are flirting with record highs, but the events this week could determine the direction for the market ahead. Friday’s much stronger-than-expected June jobs report dampened hopes for a July rate cut by the Federal Reserve. Thus, markets will be paying close attention later this week when Fed Chair Jerome Powell heads to Capitol Hill to testify before Congress for his semi-annual Monetary Policy Report. The two-day testimony kicks off Wednesday. Meanwhile, the Fed will also be releasing its June meeting minutes on Wednesday.
/ESU19 Value: YVAH 2996 YPOC 2995 YVAL 2980 GAP 2090.50
/ES Plan: Last U.S. session market closed bimodal but overnight action looks bearish (PBT 2972), so we've these options:
A) If market moves below LIS 2982 with bearish internals, sell towards ONL 2978.75 PBT 2972 and HVE 2970.
B) If market moves above LIS 2982 with bullish internals, buy towards GAP 2990.50 ONH 2994.75 and ATH 3006.
Tips: Watching at the bigger picture, last ATH shows decent excess on it. Market needs an excess high to call an end, but last ATH has been printed ON and usually that new ATH should be revisited at RTH.
Today's Economic Calendar
12:30 PM TD Ameritrade IMX
03:00 PM Consumer Credit
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