Outlook 08/09: U.S. stock futures point to a bullish open after jobs report. With fears that the spreading COVID-19 Delta variant would slow the economic recovery, it appeared the "reflation trade" narrative was unwinding after an April peak. But then the July's nonfarm payrolls report came in hotter than expected, adding 943K jobs vs. 900K consensus. That implies that the economy may be strong, for the Fed, enough to start tapering its assets purchases sooner rather than later.
/ESU21: YVAH 4431 YPOC 4429 YVAL 4423 GAP 4430.25
/ES Plan: Last session market closed bullish, but overnight looks more balanced, moving within Friday's value, so these are the initial balance options for today:
A) If market remains above HVE 4423 with bullish internals, buy towards ONH 4429.50 GAP 4430.25 and ATH 4433.25
B) If market moves below HVE 4423 with bearish internals, sell towards ONL 4412.25 HVE 4409 and GAP 4396.
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 Job Openings and Labor Turnover Survey (JOLTS)
10:10 Fed's Bostic Speech
11:30 Fed's Barkin Speech
12:30 PM Investor Movement Index
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