Outlook 07/09: U.S. stock futures are trading higher after weekly jobless claims were lower than expected last week as workers slowly returned to their jobs in the wake of rising coroanvirus cases. Claims totaled 1.314 million, compared to the 1.39 million expected from economists surveyed by Dow Jones. The total marked a decrease of 99,000 from a week ago, according to the Labor Department. Despite the better than expected numbers, this marked the 15th consecutive week that initial claims totaled above 1 million.
/ESU20 Value: YVAH 3152 YPOC 3142 YVAL 3132 GAP 3163.50
/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 YVAL 3160 with bullish internals, buy towards ONH 3170.75 and HVEs 3177-3189-3207.
B) If market moves below LIS YVAL 3160 with bearish internals, sell towards ONL 3152 HVEs 3133-3116 and GAP 3102.
Note: When the market opens above the value area and remains above the value area low 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.
Market Movers
10:00 Wholesale Trade
10:30 EIA Natural Gas Inventory
12:00 PM Fed's Bostic speech
1:00 PM 30-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
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