Outlook 07/26

Context: Markets are hugging the flatline as investors maintain a cautious tone ahead of a two-day FOMC meeting on interest rate policy. The Federal Reserve is all but certain to keep interest rates on hold, acknowledging improved economic prospects, but offering few hints about its next move. Markets are also feeling pressure with oil at three-month lows and another round of second-quarter corporate earnings.

Plan: Globex is balanced, moving above value within 2138-2170 auction range. It seems an open auction, so first idea is to be a buyer above VAH 2162 towards GAP-VPOC 2167-2168 and ATH 2172.50. If bullish idea fails, I become a seller towards VPOC 2147 GAP 2145.75 and CLVN 2138.

Value References (/ESU6): VAH 2162 POC 2159 VAL 2156.50

Economic Data (ET): FOMC meeting begins; 9:00 S&P Case-Shiller Home Price Index; 9:45 PMI Services Index Flash; 10:00 Consumer Confidence, New Home Sales, State Street Confidence Index, Richmond Fed Mfg.

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.