Outlook 07/23: U.S. stock futures pulled back overnight The number of Americans who filed for unemployment benefits rose more than expected last week as the coronavirus pandemic continues to batter the U.S. economy. The Labor Department said Thursday initial jobless claims increased by 1.416 million for the week ending July 18. Economists polls expected initial claims to rise by 1.3 million. That marks the 18th straight week in which initial claims rose by more than 1 million.
/ESU20 Value: YVAH 3261 YPOC 3256 YVAL 3246 GAP 3266.25
/ES Plan: Yesterday market closed bullish (PBT 3285), but overnight looks more balanced, still moving above yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS YVAH 3261 with bullish internals, buy towards HVE 3280 ONH 3284.50 and HVE 3298.
B) If market moves below LIS YVAH 3261 with bearish internals, sell towards ONL 3258.50 and HVEs 3255-3231.
Note: When market opens and remains above previous value area high, it is 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 is a strong tendency to rotate all the way through the value area.
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