FOMC begins

Outlook 07/28: U.S. stock futures are lower ahead of the big earnings announcements, which will include Amazon, Apple and Alphabet in the coming days. FOMC gathers today for a meeting that may provide more direction for traders. While prices waver, the message from the Fed meeting is expected to be dovish. With real interest rates deep in negative territory and the coronavirus resurgence hitting the dollar index hard.

/ESU20 Value: YVAH 3230 YPOC 3227 YVAL 3214 GAP 3232.50

/ES Plan: Last session market closed bullish (PBT 3261), but overnight looks more bearish, moving within yesterday's value, so these are the initial balance options for today's opening:

A) If market remains below LIS HVE 3221 with bearish internals, sell towards ONL-YVAL 3215-3214 HVE 3207 and GAP 3203.

B) If market moves above LIS 3221 with bullish internals, buy towards YVAH-HVE-GAP 3230-3232 ONH 3246.75 and HVE 3255.

Note: When market opens and remains above previous value area high, it's 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's a strong tendency to rotate all the way through the value area (VAR).

Market Movers

10:00 Consumer Confidence

10:00 Richmond Fed Mfg.

11:30 2-Year FRN Auction

1:00 PM 5-Year Note Auction

Questions via @verniman direct message (RTH) or email (After Close).
Follow alerts using TweetDeck. Primary twitter language is English.
No unauthorized reproduction of this service without permission.