Outlook 06/01: The U.S. economy shows another 223,000 jobs added in May, with the unemployment rate falls to 3.8 percent. This nonfarm payrolls report confirms expectations that the Fed will raise interest rates again in June, but chances for a fourth rate hike this year have dimmed to 27%. Markets had little reaction to the report and continued to point to a higher open. Bonds yields also were sharply higher.
/ESM8 Value: YVAH 2715 YPOC 2705.50 YVAL 2705
/ES Plan: Yesterday market closed bearish (PBT 2691). Overnight inventory after Jobs report is bullish (GBT 2731) but bimodal (LIS 2712), moving above Yesterday's range, so as usual we've these options:
A) If market remains above LIS 2712 with bullish internals, be a buyer leaning on 2712-2713 towards GAP 2725 HVE 2733 and PBT 2748. 'Look below and fail' is a bullish signal.
B) If market starts to move below LIS 2712 with bearish internals, become a seller leaning on 2712 towards ONL-GAP 2706-05 and HVE 2699. 'Look above and fail' is a bearish signal.
Tips: Consider your trading session timeline, such as Economic Calendar, Initial Balance (10:30am ET), European Close (11:30am ET), Lunch Break (12:00-1:30pm ET) and US Bonds close (3:00pm ET).
Today's Economic Calendar
09:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
01:00 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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