Outlook 07/13: U.S. stock futures extended their gains after Pfizer and German biotech BioNTech were granted fast track designation by the FDA for two of the companies four vaccine candidates against the coronavirus. The news helped investors look past a record spike in coronavirus cases in Florida. The market continues to absorb all this information relatively well and this seems to be a function of vaccine hopes, lower fatality rates vs. Mar/April, the avoidance of wholesale lockdowns, and the lack of a resurgence in the Northeast (esp. NYC).
/ESU20 Value: YVAH 3160 YPOC 3150 YVAL 3124 GAP 3179
/ES Plan: Last session market closed bullish, and overnight continues on that way, moving above Friday's range, so these are the initial balance options for today's opening:
A) If market remains above LIS HVE 3189 with bullish internals, buy towards ONH 3204.25 HVE 3207 and GAP 3226.
B) If market moves below LIS HVE 3189 with bearish internals, sell towards ONL 3181.75 HVE 3177 and YVAH 3160.
Note: Overnight inventory is 100% bullish. 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
11:30 Fed's Williams Speech
1:00 PM Fed's Kaplan Speech
2:00 PM Treasury Budget
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