Outlook 06/26: U.S. equity futures are little changed in early morning action following a late-day surge yesterday that helped major averages recover some of the steep losses seen mid-week. A fresh record of more than 37,000 new coronavirus cases was reported nationwide on Thursday. There's a degree of optimism that any second wave will be offset by stimulus, but if we have to go back to a renewed lockdown then it's a different story, and markets face a lot more downside risk.
/ESU20 Value: YVAH 3049 YPOC 3042 YVAL 3024 GAP 3070
/ES Plan: Yesterday market closed balanced, but overnight looks more bullish (PBT 3098), moving above yesterday's value, so these are the initial balance options for today's opening:
A) If market moves above LIS HVE 3062 with bullish internals, buy towards GAP 3070 ONH 3082 and HVE-PBT 3098.
B) If market moves below LIS HVE 3062 with bearish internals, sell towards ONL-YVAH 3049 and HVEs 3025-2995.
Note: Keep in mind that volume is key. If we break out of a trading range and volume decreases, probably it's not going to be a successful break, but if you break out of that range and volume increases then we've a good chance to get a successful breakout.
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