Outlook 07/06: Stock futures move sharply higher after jobs report shows the economy added 213,000 jobs vs. the 195,000 expected. Unemployment rate rose to 4.0% vs. 3.8% expected. Markets gains were capped, however, as a trade war between the U.S. and China got under way. U.S. tariffs on $34 billion of Chinese goods came into effect earlier on Friday. China responded to the fresh tariffs by imposing its own retaliatory levies on imports from the States.
/ESU8 Value: YVAH 2736 YPOC 2733 YVAL 2724
/ES Plan: After Jobs Report bullish reaction, overnight shows a balanced profile, moving above yesterday's value, so we've these options:
A) If market remains above YVAH 2736 with bullish internals, become a buyer above 2736-2737 towards ONH 2747.50 and HVE 2754. 'Look below and fail' is a bullish signal.
B) If market starts to move below YVAH with bearish internals, try to sell leaning on 2736 towards NFP SoC 2733.50 and ONL 2731.25 'Look above and fail' is a bearish signal.
Tips: Scene of Crime (SoC) is the zone where a news-based impulse move was initiated and is therefore susceptible to be visited again. NFP Jobs Report SoC is 2733.50, price where the normal auction was interrupted by NFP news.
Today's Economic Calendar
10:30 EIA Natural Gas Inventory
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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