Outlook 07/10: U.S. stock futures were pointing lower at Friday’s open, one day after the U.S. saw a record-high 63,200 new daily Covid-19 cases. U.S. producer prices unexpectedly fell in June as the economy battles depressed demand amid the Covid-19 pandemic. The Labor Department said on Friday its producer price index for final demand dropped 0.2% last month after rebounding 0.4% in May. In the 12 months through June, the PPI declined 0.8% after decreasing 0.8% in May. Economists polled by Reuters had forecast the PPI climbing 0.4% in June and falling 0.2% on a year-on-year basis.
/ESU20 Value: YVAH 3165 YPOC 3141 YVAL 3127 GAP 3140.75
/ES Plan: Yesterday market closed balanced, and 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 YPOC 3141 with bullish internals, buy towards ONH 3154.25 and HVEs 3160-3177-3189-3207.
B) If market moves below LIS YPOC 3141 with bearish internals, sell towards HVEs 3133-3116 ONL 3111.50 and GAP 3102.
Note: Overnight inventory is neutral and market opens within previous value area, a signal of balanced market. Trading from responsive versus initiative would be preferred, so don't be 'too anxious' to trade early. If we're within value we want to have some patience until market breaks.
Market Movers
1:00 PM Baker-Hughes Rig Count
2:00 PM Treasury Budget
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