Outlook 07/01: U.S. stock futures slashed earlier losses Wednesday on the back of positive coronavirus vaccine news and strong U.S. payrolls data. A study of a coronavirus vaccine candidate being developed by Pfizer and BioNTech showed the drug created neutralizing antibodies. The results were released online, but have not been reviewed by a medical journal yet. Futures trimmed losses after ADP and Moody’s Analytics said private payrolls jumped by 2.37 million in June.
/ESU20 Value: YVAH 3074 YPOC 3068 YVAL 3036 GAP 3083.25
/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 HVE 3090 with bullish internals, buy towards ONH 3102.75 and HVEs 3116-3133-3160.
B) If market moves below LIS HVE 3090 with bearish internals, sell towards GAP 3083.25 YVAH 3074 and ONL 3062.75
Note: When the market opens above the value area and remains above the value area high 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
09:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
10:30 EIA Petroleum Inventories
02:00 PM FOMC minutes
Questions via @verniman direct message (RTH) or email (After Close).
Follow alerts using TweetDeck. Primary twitter language is English.
No unauthorized reproduction of this service without permission.
