Outlook 07/07

Context: Total nonfarm payroll employment increased by 222,000 in June, and the unemployment rate was little changed at 4.4 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in health care, social assistance, financial activities, and mining.

In June, the unemployment rate, at 4.4 percent, and the number of unemployed persons, at 7.0 million, were little changed. Since January, the unemployment rate and the number of unemployed are down by 0.4 percentage point and 658,000, respectively.

Plan: Globex profile is bimodal after NFP data. We are moving within yesterday's value after test YVAH 2416-17, so first idea is wait and see if LVN-VWAP 2411.5 area holds and then try to be a buyer towards ONH 2417.50 If buying idea fails and breaks LVN 2411 sharply, I become a seller leaning on that LVN towards YVAL 2406 and VPOC-YBT 2395.

Tips: Today after big news-driven event like NFP, the 'Return SoC setup' could be into play. Scene of the Crime: zone from which a news-based move was initiated and is susceptible to a retest. Just like a criminal return to the scene of the crime, the market often does the same.

Value Levels /ES: VAH 2416.75 POC 2408.25 VAL 2406.25

Today's Economic Calendar

10:30 EIA Natural Gas Inventory
1:00 PM Baker-Hughes Rig Count

Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.

Subscribe daily before 9:30 am ET to get early access by email.