Outlook 01/06: U.S. stock futures jumped Friday when the December jobs report showed that employment was only slightly stronger and wage gains were less than expected, showing some signs of progress amid the Federal Reserve’s interest rate hikes to tame inflation. The December nonfarm payrolls report showed that the U.S. economy added 223,000 jobs last month, slightly higher than the expected 200,000 jobs. In addition, wages grew slower than anticipated, increasing 0.3% on the month where economists expected 0.4%.
/ESH23 (Mar 2023): YVAH 3845 YPOC 3832 YVAL 3826 GAP 3830
/ES Plan: Yesterday market closed bearish (PBT 3779), but after NFP, overnight looks bullish, moving above previous value, so these're the opening and initial balance options for today:
A) If market moves above YVAL 3874 with bullish internals, buy towards YHOD 3896 GAPs 3911-3922 and HVE 3937.
B) If market moves below YVAL 3874 with bearish internals, sell towards GAP 3830 HVE-NFP SoC 3821 and PBT 3779.
Note: After NFP, overnight inventory is strong bullish. The expected action is a counter-auction towards NFP SoC 3821. Failure to see the counter-auction would be an indication of potential trend day. Otherwise, if market begins to trade within value with volume increasing, 'Value Area Rule (VAR)' comes into play.
Market Movers
10:00 Factory Orders
10:00 ISM Service Index
11:15 Fed's Bostic Speech
12:15 PM Fed's Barkin Speech
1:00 PM Baker-Hughes Rig Count
3:30 PM Fed's Bostic Speech
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