Outlook 07/30: U.S. stock futures are kicking off a packed session in the red, with contracts tied to the SP500 down about 1%. Q2 GDP figures today showed an annualized contraction of 32.9% last quarter, while the latest weekly unemployment claims showed an increase to 1.43M, before enhanced federal benefits expire on Saturday. After the close, four of the market's biggest stocks will report earnings within a single hour, in a move that could cause significant volatility in after-hours trading and again on Friday. On the coronavirus front, the U.S. death toll topped 150K, marking the highest official figure in the world.
/ESU20 Value: YVAH 3255 YPOC 3236 YVAL 3231 GAP 3252.25
/ES Plan: Yesterday market closed bullish, but overnight looks 100% bearish, moving below yesterday's value, so these are the initial balance options for today's opening:
A) If market remains below LIS 3221 with bearish internals, sell towards ONL 3207.75 GAP 3183 and HVE 3177.
B) If market remains above LIS 3221 with bullish internals, buy towards HVE-YVAL 3231 GAP 3252 and HVE 3255.
Note: Overnight inventory is 100% bearish. The expected action is a counter-auction relative to overnight inventory; failure to see the counter-auction would be an indication of a potential trend day.
Market Movers
10:30 EIA Natural Gas Inventory
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
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