Outlook 07/31: U.S. stock futures are set to end the week on a high note after four of the biggest tech stocks, Apple, Amazon, Facebook and Google reported quarterly results that beat high expectations. Big Tech has been Wall Street's mainstay this year, and the latest quarterly results look to accelerate that trend. Amazon and Apple are up 65% and 31%, respectively, in 2020, while Facebook and Google each have gained more than 14% over the period. With all four stocks moving higher in after-hours trading, the tech titans likely will add more than $200 billion to their combined market value.
/ESU20 Value: YVAH 3244 YPOC 3236 YVAL 3218 GAP 3248.75
/ES Plan: Yesterday market closed bullish, and overnight continues on that way, moving above yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS 3255 with bullish internals, buy towards YHOD 3269 ONH 3273.75 and HVE 3280-3298.
B) If market moves below LIS 3255 with bearish internals, sell towards GAP 3248.75 ONL 3245.75 and HVEs 3231-3221.
Note: When market opens and remains above previous value area high, it is a clearly bullish signal. But when a market opens above value but then fails to go through the overnight high and begins to trade back into value with volume at lows increasing, it is a signal of reversal. There is a strong tendency to rotate all the way through the value area.
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