Outlook 08/04: U.S. stock futures point to a bearish open after of the before-the-bell release of ADP's July private-sector employment report. U.S. companies added just 330,000 jobs last month, far short of estimates of 653,000 positions. During the Covid-era, the ADP report has not be a great indicator of what the government might report in its July employment report, which is set for release Friday.
/ESU21: YVAH 4417 YPOC 4410 YVAL 4383 GAP 4409.50
/ES Plan: Yesterday market closed bullish, but overnight looks more bearish, moving within yesterday's value, so these are the initial balance options for today:
A) If market moves above HVE 4409 with bullish internals, buy towards ONH 4415 YVAH 4417 and ATH 4422.50.
B) If market remains below HVE 4409 with bearish internals, sell towards HVE 4385 YVAL 4383 and GAP 4363.
Note: Market looks balanced, so don't be 'too anxious' to trade early. Bad trades occur are when you try to force things to happen, don’t force it.
Market Movers
9:45 PMI Composite Final
10:00 ISM Service Index
10:00 Fed's Clarida Speech
10:30 EIA Petroleum Inventories
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