Outlook 07/17: U.S. stock futures are trying to come back from a lackluster session on Thursday that was dampened by data showing 1.3M people filing for unemployment benefits last week. On the earnings front, investors will be watching BlackRock this morning to see how the world's largest asset manager fared during the latest stage of the coronavirus pandemic. Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza are also scheduled to testify at a House Small Business Committee hearing on COVID-19-related economic assistance programs.
/ESU20 Value: YVAH 3205 YPOC 3200 YVAL 3194 GAP 3195.25
/ES Plan: Yesterday market closed balanced, but overnight looks more bullish, moving above yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS YVAH-HVE 3207-3205 with bullish internals, buy towards ONH 3217.75 GAP 3220 and HVEs 3231-3255.
B) If market moves below LIS YVAH-HVE 3207-3205 with bearish internals, sell towards ONL 3194.75 GAP 3183 and HVEs 3177-3159.
Note: When the market opens above the value area and remains above the value area high on the subsequent tests, it is a clearly bullish signal. But when a market opens above the value area 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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