Outlook 05/06: U.S. stock futures looks balanced overnight, as jobless claims tumble in another sign the labor market is getting closer to pre-pandemic levels. Initial claims totaled 498,000 for the week ended March 1, against the estimate of 527,000. The claims decline comes a day before the non-farm payroll count for April. Economists expect that the economy added another 1 million jobs during the month.
/ESM21: YVAH 4175 YPOC 4172 YVAL 4161 GAP 4160.75
/ES Plan: Yesterday market closed balanced, and overnight continues on that way, moving around yesterday's value, so these are the initial balance options for today:
A) If market moves above HVE 4164 with bullish internals, buy towards ONH 4174.50 GAP 4182.75 and HVE 4188.
B) If market moves below HVE 4164 with bearish internals, sell towards GAP 4160.75 ONL 4151.50 and HVE 4124.
Note: Market opens within previous value area, so don't be 'anxious' to trade early. Bad trades occur are when you try to force things to happen. The harder you look for trades, they're probably not there.
Market Movers
10:00 Fed's Kaplan Speech
10:30 EIA Natural Gas Inventory
1:00 PM Fed's Bostic Speech
1:00 PM Fed's Mester Speech
4:30 PM Fed Balance Sheet
6:05 PM Fed's Kaplan Speech
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