Short Week

Outlook 07/06: U.S. stock futures were flat to start a holiday-shortened trading week. Nonfarm payrolls for June showed a strong gain of 850K on Friday, but there appeared to be enough concerns to keep the Fed from tapering its bond purchases. Traders are also preparing for a potentially more hawkish tilt at the Federal Reserve. Minutes from the FOMC tomorrow could give some clues on the direction of monetary policy, as well as the tapering timeline. Besides the behind-the-scenes discussions, many speculate additional remarks on QE and bond-buying could come at Jackson Hole in August.

/ESU21: YVAH 4342 YPOC 4323 YVAL 4319 GAP 4341.5

/ES Plan: Last session market closed bullish, but overnight looks more balanced, moving a few ticks above Friday's value, so these are the initial balance options for today:

A) If market moves above LIS HVE 4342 with bullish internals, buy towards  ATH-ONH 4348 

B) If market moves below LIS 4342 with bearish internals, sell towards ONL 4333 and YPOC 4323.

Note: Remember that record high has been printed overnight, so it's still pending to be revisited at regular trading hours.

Market Movers

9:45 PMI Composite Final

10:00 ISM Service Index

12:30 PM Investor Movement Index

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