Outlook 06/23: U.S. stock index futures are likely to continue their climb higher today, with futures tied to the SP500 ahead by 1%, as manufacturing and services sectors begin to recover from lockdowns. Futures sank earlier after Peter Navarro said that U.S.-China trade deal was "over", but market recovered when President Trump later confirmed the trade deal between U.S. and China was "fully intact," adding he hoped Beijing would continue to live up to the terms of the agreement.
/ESU20 Value: YVAH 3107 YPOC 3102 YVAL 3080 GAP 3112.75
/ES Plan: Yesterday market closed bullish (PBT 3177), and overnight continues on that way, moving above yesterday's range, so these're the options for today:
A) If market remains above LIS HVE 3133 with bullish internals, buy towards ONH 3145.75 HVE 3160 and HVE-PBT 3177.
B) If market moves below LIS HVE 3133 with bearish internals, sell towards HVE 3116 GAP 3112.75 HVEs 3098-3075-3062.
Note: When a market opens above the value area and then goes through the overnight high with volume at highs increasing, it's a bullish signal. If the market fails to go through the overnight high and begins to trade back with volume at lows increasing, it is a signal of rejection.
Market Movers
09:45 PMI Composite Flash
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10:00 Richmond Fed Mfg.
01:00 PM 2-Year Note Auction
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