Jobs Report

Outlook 06/04: Job creation disappointed again in May, with nonfarm payrolls up what normally would be considered a solid 559,000 but still short of lofty expectations. Payrolls were expected to increase by 671,000. The unemployment rate fell to 5.8% from 6.1%, which was better than the estimate of 5.9%. Markets were not disappointed by the report. Stock futures actually rose, as the measured pace of job gains would keep the Federal Reserve from raising interest rates and tightening monetary policy.

/ESM21: YVAH 4203 YPOC 4193 YVAL 4180 GAP 4189.50

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

A) If market remains above YVAH 4203 with bullish internals, buy towards HVEs 4213-4219-4233 ATH 4238 and PBT 4248.

B) If market moves below YVAH 4203 with bearish internals, sell towards GAP 4189.50 YVAL 4180 HVE 4163 and GAP 4157.

Note: 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 Factory Orders

1:00 PM Baker-Hughes Rig Count

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