Outlook 07/07 before NFP

Context: U.S. employers likely stepped up hiring in June and boosted wages for workers, signs of labor market strength that could keep the Fed on course for a third interest rate increase this year. The Labor Department's closely watched employment report today will probably show that nonfarm payrolls increased by 179,000 jobs last month, after gaining 138,000 in May. The unemployment rate is forecast steady at a 16-year low of 4.3%.

Plan: Yesterday closed bearish (BT 2495). Globex overnight profile is slight bearish waiting for NFP data. We are moving within yesterday's value, so first idea is wait and see if YVAL 2406 area holds and then try to be a buyer towards YPOC 2408 and YVAL 2416. If buying fails at YVAL 2406 and breaks YLOD 2405 sharply, I become a seller on any LVN towards 2400 and VPOC-YBT 2395.

Tips: If market breaks ONL or ONH, wait for a HVN drawing below/above that levels. That means acceptance, then we can take a trade short/long leaning on the LVN behind the breakout.

Value Levels /ES: VAH 2416.75 POC 2408.25 VAL 2406.25

Today's Economic Calendar

8:30 Non-farm payrolls
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.

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