Outlook 06/29: U.S. stock futures rose on Monday even as U.S. coronavirus cases continued to surge. Over the weekend, coronavirus cases worldwide passed 10M, with more than 500K deaths (2.5M infections were confirmed in the U.S. and more than 125K deaths were from COVID-19). On Sunday, Health and Human Services Secretary Alex Azar also warned that the "window was closing" for the U.S. "to take action and get the coronavirus pandemic under control".
/ESU20 Value: YVAH 3025 YPOC 3013 YVAL 2996 GAP 3008.25
/ES Plan: Last session market closed bearish (PBT 2945), but overnight looks more bullish (PBT 3046), moving within Friday's value, so these are the initial balance options for today's opening:
A) If market moves above LIS YPOC 3013 with bullish internals, buy towards ONH 3026.50 PBT 3042 and HVEs 3062-3098.
B) If market moves below LIS YPOC 3013 with bearish internals, sell towards GAP 3008.25 ONL 2983.50 and PBT 2945.
Note: Overnight inventory is bullish but market opens within previous value area, a signal of balanced market. Trading from responsive versus initiative would be preferred, so don't be 'too anxious' to trade early. If we're within value we want to have some patience until market breaks.
Market Movers
10:00 Pending Home Sales
10:30 Dallas Fed Manufacturing Survey
03:00 PM Fed's Williams Speech
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