Outlook 08/05: U.S. stock futures point to a neutral open after jobless claims matched forecasts and ahead of Friday's employment report. Jobless claims for last week dipped to 385,000, matching estimates. The previous week was revised a bit lower to 399,000. The latest reading on continuing claims, which runs one week behind the headline weekly number, showed a sharp drop to under 3 million. On Friday, the government is set to release its July employment report.
/ESU21: YVAH 4406 YPOC 4403 YVAL 4397 GAP 4396.25
/ES Plan: Yesterday market closed balanced, and overnight continues on that way, moving within yesterday's value, so these are the initial balance options for today:
A) If market remains above YPOC 4403 with bullish internals, buy towards YVAH 4406 GAP 4409 and ATH 4422.50.
B) If market moves below YPOC 4403 with bearish internals, sell towards YVAL 4397 ONL 4393.75 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
10:00 Fed's Waller Speech
10:30 EIA Natural Gas Inventory
4:30 PM Fed Balance Sheet
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