Outlook 10/02: U.S. equity futures were pointing to a sharply lower open, following the news that President Donald Trump tested positive for Covid-19. Last jobs report before election shows slowdown in hiring. Nonfarm payrolls rose by 661,000 in September, lower than the 800,000 Dow Jones estimate. The unemployment rate was 7.9%, better than the 8.2% estimate. This is the final jobs report before the election.
/ESZ20 Value: YVAH 3375 YPOC 3368 YVAL 3359 GAP 3367.50
/ES Plan: Yesterday market closed balanced but overnight looks bearish (PBT 3255), moving below yesterday's range, so these are the initial balance options for today's opening:
A) If market moves below LIS HVE 3318 with bearish internals, sell towards ONL 3300 GAP 3288 and HVE 3279.
B) If market moves above LIS HVE 3318 with bullish internals, buy towards HVEs 3331-43-59 and GAP 3367.50
Note: Overnight inventory is 100% bearish. The expected action is a counter-auction relative to overnight inventory; failure to see the counter-auction would be an indication of potential trend day.
Market Movers
10:00 Consumer Sentiment
10:00 Factory Orders
1:00 PM Baker-Hughes Rig Count
1:00 PM Fed's Kashkari Speech
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