Jobs Report

Outlook 04/05: U.S. stock futures rebound following four straight declines as jobs report tops expectations. Job growth totaled 303,000 in March, which was better than expected, while the unemployment rate came in at 3.8% for the month, as expected. Non farm payrolls were expected to increase by 200,000. Wages rose 0.3% for the month and 4.1% from a year ago, both in line with estimates. Investors are torn between wanting a strong economy to support further corporate earnings growth and wanting a weaker jobs market that will give the Federal Reserve the green light to begin cutting interest rates.

/ESM24 (JUN 2024): YVAH 5308 YPOC 5297 YVAL 5225 GAP 5201.75

/ES Plan: Yesterday market closed bearish, but overnight bounced back, moving below value, so these're the opening and initial balance options for today:

A) If market moves above YVAL 5225  with bullish internals, buy towards HVEs 5255-5262 FED SoC 5280 YPOC 5297 and YVAH 5308.

B) If market remains below YVAL 5225 with bearish internals, sell towards GAP 5201.75 YLOD-ONL 5191 GAP 5186 and PBT 5136.

Note: Overnight inventory is 100% bullish. The expected action is a counter-auction; failure to see the counter-auction would be an indication of potential trend day. Market opens below value and if it begins to trade within value, VAR comes into play.

Market Movers

11:00 Fed's Logan Speech

12:15 PM Fed's Bowman Speech

1:00 PM Baker Hughes Rig Count

3:00 PM Consumer Credit 

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