Outlook 07/22

Context: Markets nose higher ahead of the G20 meeting. Finance ministers and central bank governors from G20 countries are gathering in Chengdu, China, for a two-day meeting that begins tomorrow. Brexit and monetary policy at a global level are likely to be the main topics of discussion. IMF painted a dark outlook for the global economy, issuing an "urgent" call for the world's largest economies to roll out more growth-boosting policies and act more aggressively.

Plan: Globex is bullish (GBT2168), moving in value within 2138-2170 auction range. It seems an open auction in range so first idea is to be a buyer using RTH setups towards ATH. Remember ATH 2170.25 was made overnight so don’t expect it to hold as the high of this move. An overnight high can end a move but stats don’t support that. If bullish idea fails, I become a seller towards VPOC 2147 and GAP 2145.75

Value References (/ESU6): VAH 2168.50 POC 2167 VAL 2158

Economic Data (ET): 9:45 PMI Manufacturing; 1:00 PM Baker-Hughes.

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.