Outlook 07/29: U.S. stock futures were little changed early Wednesday as investors awaited a congressional hearing on antitrust in Big Tech as well as the Federal Reserve’s latest policy decision. The central bank is expected to keep short-term interest rates unchanged at near zero to support the economy still struggling with the coronavirus pandemic. Meanwhile, the chief executives of Amazon, Apple, Facebook and Google will testify before the House Antitrust Subcommittee later Wednesday following a yearlong probe into their anti-competitive practices.
/ESU20 Value: YVAH 3234 YPOC 3229 YVAL 3220 GAP 3212.50
/ES Plan: Yesterday market closed balanced, but overnight continues on that way, moving within yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS HVE-YVAL 3221-20 with bullish internals, buy towards ONH 3226 HVE 3231 and YVAH 3234.
B) If market moves below LIS YVAL 3221-20 with bearish internals, sell towards GAP 3212.50 HVE 3207 and ONL 3204.25.
Note: FOMC days are two separate sessions. The AM session tends to involve a tightening price range and lower activity. Trade setups that work well in the AM, may fail completely in the afternoon, resulting in significant losses. Today is NOT the day to trade indices aggressively. Today is NOT the day to make your fortune. Learn when to go big, go small or not at all. Defensive trading!
Market Movers
10:00 Pending Home Sales
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
11:00 Survey of Business Uncertainty
2:00 PM FOMC Announcement
2:30 PM Chairman Press Conference
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