Outlook 07/18: U.S. stock index futures suggest a third session of declines on Wall Street, down 0.2%, as Netflix plunged 12% following a rare loss in U.S. subscribers and a large miss on international customer adds. The poor start to second quarter FAANG earnings unnerved the tech sector, while reports that US-China trade negotiations are at standstill, due to Huawei restrictions, further weighed on sentiment.
/ESU19 Value: YVAH 3003 YPOC 2998 YVAL 2986 GAP 2985.25
/ES Plan: Yesterday market closed balanced but the overnight profile looks bimodal (LIS YLOD), moving a few ticks above yesterday's low, so these're today's options:
A) If market remains above YLOD 2980 with bullish internals, buy towards YVAL 2986 YPOC 2998 YVAH 3003 and YHOD 3013.
B) If market moves below LIS YLOD 2980 with bearish internals, sell towards ONL 2974.50 HVEs 2970-2962 and GAP 2954.75
Tips: Watching at the bigger picture, HVE 2970 is a key level to avoid a major sell-off towards lower value (Value Transition). HVE 2970 is the lower edge of higher balance range of acceptance.
Today's Economic Calendar
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
02:15 PM Fed's Williams Speech
Questions via @verniman direct message (RTH) or email (After Close).
Glossary of terms
