Outlook 04/01: U.S. stock futures point to a higher open, after U.S. weekly jobless claims total 719,000, vs 675,000 estimated. While the number of weekly claims remains inordinately high by historical means, the trend is falling. The report comes a day ahead of the government’s nonfarm payrolls count for March, which is expected to show a gain of 675,000, to follow on February’s 379,000.
/ESM21: YVAH 3981 YPOC 3976 YVAL 3966 GAP 3964
/ES Plan: Yesterday market closed balanced, but overnight looks more bullish (PBT 4000), moving a few ticks above yesterday's value, so these are the initial balance options for today:
A) If market remains above LIS HVE 3979 with bullish internals, buy towards ATH-ONH 3984.50 and PBT 4000.
B) If market moves below LIS HVE 3979 with bearish internals, sell towards HVE 3969 and ONL-GAP 3964.
Note: Market opens above previous value area and if it remains above value, it is a clearly bullish signal. But, if market begins to trade within value with volume increasing, 'Value Area Rule (VAR)' comes into play.
Market Movers
09:45 Manufacturing PMI (Mar)
10:00 ISM Manufacturing (Mar)
01:00 U.S. Baker Hughes Oil Rig Count
01:00 FOMC Member Harker Speaks
01:00 U.S. Baker Hughes Total Rig Count
04:05 FOMC Member Kaplan Speaks
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