Nonfarm Friday

Outlook 11/06: U.S. equity futures regained some of their losses after the Labor Department said the U.S. unemployment rate fell to 6.9% in October from 7.9%. Meanwhile, Democrat Joe Biden jumped to a slim lead in Georgia and Pennsylvania. Victories by Republicans in several key Senate races, thus lowering the odds of a “blue wave” and the potential for higher taxes and stronger regulations, have been cited as a reason for the rally. However, Republicans have not yet won the necessary seats to control the Senate, with two potential run-off elections in Georgia.

/ESZ20 Value: YVAH 3516 POC 3511 YVAL 3497 GAP 3512

/ES Plan: Yesterday market closed bullish, but overnight looks more balanced, still moving within yesterday's value, so these are the initial balance options for today's opening:

A) If market moves above LIS HVE 3497 with bullish internals, buy towards GAP 3512 ONH 3519 and HVE 3541.

B) If market moves below LIS HVE 3497 with bearish internals, sell towards HVE 3480 ONL 3456.75 and GAP 3436.

Note: Market opens within previous value area. Trading from responsive versus initiative is expected, so don't be 'too anxious' to trade early. If we're within value we want to have some patience until market breaks. 

Market Movers

1:00 PM Baker-Hughes Rig Count

3:00 PM Consumer Credit

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