Outlook 07/20

Context: Microsoft rally leads modest advance overnight. Among those reporting before the open today is Morgan Stanley, and after the close is eBay. Dollar index is up at 97.27, its highest level since March. Fed funds futures rates now suggest a 40% chance of a rate hike in December, compared with less than 20% a few weeks ago.

Plan: Globex is bullish (GBT2173), moving above value within 2138-2168 auction range. It seems an open auction out of range so first idea is to be a buyer using RTH setups towards ATH 2168 and GBT 2173. If that fails, I become a seller towards GAP 2158 POC 2155.50

Value References (/ESU6): VAH 2156.50 POC 2155.50 VAL 2153.50

Economic Data (ET): 10:30 EIA Crude Oil Inventories.

Notice: Trading process and plan are based on the Auction Theory.

Warning: Trading Futures involves substantial risk of loss and is not suitable for all investors. The past performance is not necessarily indicative of future results. All the information on this website is for educational purposes and is not intended to provide financial advice.