Outlook 05/07: U.S. stock futures printed a new record high overnight, after the Labor Department said nonfarm payrolls increased by just 266,000 in April, far less than the 1 million total economists were expecting. The unemployment rate rose to 6.1% last month amid an escalating shortage of available workers, higher than an expectation of 5.8%. Meanwhile, March’s originally estimated total of 916,000 was revised down to 770,000.
/ESM21: YVAH 4176 YPOC 4162 YVAL 4152 GAP 4194.50
/ES Plan: Yesterday market closed bullish, but overnight looks balanced bimodal (LIS 4200), moving above yesterday's range, so these are the initial balance options for today:
A) If market remains above LIS 4200 with bullish internals, buy towards ATH-ONH 4214 and PBTs 4222-4241.
B) If market moves below LIS 4200 with bearish internals, sell towards GAP 4194.50 HVE 4188 and YVAH 4176.
Note: Overnight inventory is 100% bullish. 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.
Remember that new record high has been printed overnight, so it's still pending to be revisited at regular trading hours.
Market Movers
10:00 Wholesale Inventories
1:00 PM Baker-Hughes Rig Count
3:00 PM Consumer Credit
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