Outlook 07/14: U.S. stock futures moved sideways in overnight trade following a stunning reversal on Monday as California rolled back its reopening plans, triggering worries about another coronavirus lockdown. Futures are all down as investors get ready for earnings reports from some of the nation's largest banks. A senior Trump administration official also announced that production of a potential coronavirus vaccine was expected to begin before the end of the summer following news that Pfizer and BioNTech were granted fast track designation by the FDA for two of the companies four COVID-19 vaccine candidates.
/ESU20 Value: YVAH 3224 YPOC 3217 YVAL 3188 GAP 3150.50
/ES Plan: Last session market closed bearish, and overnight continues on that way, moving below yesterday's value, so these are the initial balance options for today's opening:
A) If market moves below LIS HVE 3133 with bearish internals, sell towards HVE 3116 GAPs 3102-3083 and HVE 3062.
B) If market moves above LIS 3133 with bullish internals, buy towards GAP 3150.50 HVE 3159 ONH 3166 and HVE 3177.
Note: On high volatility days (VIX>30), your first rule is 'manage your risk'. Regardless of how much more money you could have made, risk is too great so if you see a thin book (2 digits), I recommend to stay aside.
Market Movers
2:00 PM Fed's Brainard Speech
2:30 PM Fed's Bullard: Speech
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