Outlook 08/03: U.S. stock futures are set to start the week on a high note after Eli Lilly said it began phase 3 trials of a drug aimed at preventing coronavirus. Monday’s gains come after a mostly positive week and blowout earnings reports from some of the nation’s largest consumer technology companies. All eyes on U.S. payroll data to be released this Friday. If the jobs situation is consistent with economists' views, it should give investors more confidence in the economy's health while weak data will weigh on investors' near-term enthusiasm.
/ESU20 Value: YVAH 3250 YPOC 3228 YVAL 3218 GAP 3263.75
/ES Plan: Last session market closed bullish, and week starts on the same way, moving above Friday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS 3280 with bullish internals, buy towards ONH 3286 and HVEs 3298-3312.
B) If market moves below LIS 3280 with bearish internals, sell towards GAP 3263.75 and ONL 3254.75.
Note: When market opens and remains above previous value area high, it is a clearly bullish signal. But 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.
Market Movers
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
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