Outlook 02/01: U.S. stock futures fall after December’s jobs report showed employers added 216,000 jobs for the month while the unemployment rate held at 3.7%. Jobs report could challenge the market narrative of a substantially easier Fed. The belief that the Fed can start cutting is fueled by the view that inflation will continue to recede after peaking at a 41-year high in mid-2022. Inflation is still above the Fed’s 2% target but has been making steady progress lower since the increases began.
/ESH24 (MAR 2024): YVAH 4910 YPOC 4884 YVAL 4875 GAP 4944.25
/ES Plan: Yesterday market closed bullish, but overnight, after jobs report, looks more bearish, still moving above previous value, so these're the opening and initial balance options for today:
