Outlook 07/20: U.S. stock futures have pared almost all overnight losses to trade back at the starting line after shares in Shanghai closed up 3%. Earnings season is set to kick into high gear this week with Q2 results from Microsoft, Tesla, Intel and American Airlines, while coronavirus cases continue to rise at an alarming rate. Hot-spots are flaring in the country's South and West, though New York City will enter its final Phase Four reopening. Zoos and botanical gardens can unlock their doors, sports can restart (without fans), but gyms, museums and indoor dining will remain closed.
/ESU20 Value: YVAH 3221 YPOC 3213 YVAL 3207 GAP 3212.75
/ES Plan: Last session market closed balanced, and overnight continues balanced, moving inside Friday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS YPOC-HVE 3213 with bullish internals, buy towards YVAH 3221 ONH 3222.25 and HVEs 3231-3255.
B) If market moves below LIS YPOC-HVE 3213 with bearish internals, sell towards YVAL 3207 ONL 3190.25 HVE 3189 and GAP 3183.
Note: Overnight inventory is neutral and 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.
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