Jobs Report

Outlook 09/03: U.S. stock futures point to neutral open after jobs report disappoints, only 235,000 positions added vs. expectations of 730,000. The unemployment rate dropped to 5.2% from 5.4%, in line with estimates. August’s total was the worst since January and comes with heightened fears of the pandemic and the impact that rising Covid cases could have on what has been so far a mostly robust recovery. Bad news is good news. The weak report could cloud policy for the Federal Reserve, which is weighing whether to pull back on some of the massive stimulus it has been adding since the outbreak in early 2020.

/ESU21: YVAH 4541 YPOC 4536 YVAL 4529 GAP 4535.25

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

A) If market moves above YPOC 4536 with bullish internals, buy towards YVAH 4541 ONH 4549.50 and PBTs 4550-4556.

B) If market moves below YPOC 4536 with bearish internals, sell towards GAP 4535.25 YVAL 4529 and ONL 4528.50

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

1:00 PM Baker-Hughes Rig Count

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