Outlook 08/18: U.S. stock futures rose on Tuesday after better-than-expected earnings from two retail giants, putting the SP500 on track to exceed its previous record close set in February. The market has been stuck in a tight range as hopes for a new coronavirus stimulus deal dimmed with lawmakers unwilling to break a stalemate.
/ESU20 Value: YVAH 3381 YPOC 3380 YVAL 3376 GAP 3380
/ES Plan: Yesterday market closed bullish, and overnight continues on that way (PBT 3398), moving above yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS HVE 3384 with bullish internals, buy towards HVE 3388 and ATH 3397.50
B) If market moves below LIS HVE 3384 with bearish internals, sell towards GAP 3380 and ONL 3371.50
Note: Overnight inventory is neutral market opens above previous value area. When a market opens above value but then fails to go through the overnight high, there's a strong tendency to re-test the value area. Remember that last record high has been printed overnight, so it's still pending to be revisited at regular trading hours.
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