Outlook 08/10: U.S. stock futures were flat early Monday morning after President Donald Trump signed several executive orders aimed at extending coronavirus relief. Traders are monitoring the state of stimulus talks, as well as the latest fraying of relations between Washington and Beijing. On the earnings front, keep an eye on the travel and energy sectors, with Q2 results expected from Marriott International, Royal Caribbean and Occidental Petroleum.
/ESU20 Value: YVAH 3341 YPOC 3336 YVAL 3328 GAP 3345.25
/ES Plan: Last session market closed balanced, and overnight continues on that way, still moving a few ticks above Friday's range, so these are the initial balance options for today's opening:
A) If market remains above LIS YHOD-HVE 3349-48 with bullish internals, buy towards ONH 3355.50 HVE 3358 and GAP 3369.
B) If market moves below LIS YHOD-HVE 3349-48 with bearish internals, sell towards HVE 3338 ONL 3335 and HVEs 3328-3312.
Note: Overnight inventory is neutral but market opens above previous value area. When a market opens above value 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.
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