Outlook 07/17: U.S. stock index futures are in wait-and-see mode. Mixed bank earnings and comments from President Trump that the trade war has a "long way to go" put a halt to the five-day rally in U.S. shares, though fresh records are back in focus. A wave of quarterly reports from Netflix and other top-tier, high-growth companies starting today could fuel more stock gains or put an end to the market's recent strength.
/ESU19 Value: YVAH 3016 YPOC 3009 YVAL 3005 GAP 3006.75
/ES Plan: Yesterday market closed bimodal (LIS LVN 3013) but the overnight session seems more balanced, moving within yesterday's value, so these're today's options:
A) If market remains above LIS HVE 3007 with bullish internals, buy towards ONH-LVN 3013 HVE 3018 and ATH 3023.50
B) If market moves below LIS HVE 3007 with bearish internals, sell towards GAP 3004.25 ONL 3003.25 and PBT 2998.
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
10:30 EIA Petroleum Inventories
12:30 PM Fed's George Speech
02:00 PM Fed's Beige Book
Questions via @verniman direct message (RTH) or email (After Close).
Glossary of terms
