Jobs Report

Outlook 10/06: U.S. stock futures turned sharply negative following NFP report. Job growth was stronger than expected in September, a sign that the U.S. economy is hanging tough despite higher interest rates, labor strife and dysfunction in Washington. Nonfarm payrolls increased by 336,000 for the month, better than consensus estimate for 170,000. The unemployment rate was 3.8%, compared to the forecast for 3.7%. Investors have been on edge lately that a resilient economy could force the Federal Reserve to keep interest rates high and perhaps even hike more as inflation remains elevated. Traders in the fed funds futures market increased the odds of a rate increase before the end of the year to about 44%, according to the CME Group’s tracker.

/ESZ23 (Dec 2023): YVAH 4298 YPOC 4289 YVAL 4275 GAP 4288.50

/ES Plan: Yesterday market closed bullish, but overnight, after NFP, looks more bearish, moving below previous value/range, so these're the opening and initial balance options for today:

A) If market moves above HVE 4261 with bullish internals, buy towards YVAL 4275 GAP 4288 NFP SoC 4293 and  YVAH-HVE 4298.

B) If market moves below HVE 4261 with bearish internals, sell towards HVE 4250 ONL 4242 and GAP 4231 and HVEs 4214-4200.

Note: It's Friday and traders who have made losses that week will likely take large risks to try and end the week with a profit. Try to be calm and focus on the market rather than thinking about your account.

Market Movers

12:00 PM Fed's Waller

1:00 PM Baker Hughes Rig Count

3:00 PM Consumer Credit 

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