Outlook 07/15: U.S. stock index futures are extending gains by a modest 0.2%. Traders this week will have plenty to sink their teeth into, between the start to second-quarter earnings season. Big banks start reporting Q2 earnings today and market will be closely watching for signs of how much the Fed’s change in rate policy could hurt the banking business. The rate curve has also been flattening, making it harder for lenders to drive profit through the long and short-term spread.
/ESU19 Value: YVAH 3013 YPOC 3010 YVAL 3006 GAP 3014.75
/ES Plan: Last session market closed balanced but weekly open looks bullish (PBT 3030), moving above Friday's range and leaving a new ATH in ON session. These're today's options:
A) If market remains above LIS YHOD 3018 with bullish internals, buy towards ONH 3023.50 and PBT 3030.
B) If market moves below 3018 with bearish internals, sell towards GAP 3014.75 ONL 3010.75 and GAP 3004.25
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, and ATH has been printed ON and usually ON-ATH should be revisited at RTH.
Today's Economic Calendar
12PM 3-Month Bill Auction
12PM 6-Month Bill Auction
Questions via @verniman direct message (RTH) or email (After Close).
Glossary of terms
