Jobs Report

Outlook 09/06: Stock futures rise Friday as investors assessed a weaker-than-expected August jobs report and its implication on U.S. monetary policy. The jobs report showed payrolls grew by 142,000 in August. Economists expected a gain of 161,000. However, the unemployment rate edged down to 4.2%, in line with expectations. The data is expected to a play pivotal role in the Federal Reserve’s monetary policy decision later this month. A recent bout of weak labor data has fueled concerns about the health of the U.S. and spooked some investors. However, markets remain optimistic that the Fed will cut rates by at least a quarter-percentage point at the conclusion of the September policy meeting. 

ESU24 (SEP2024): YVAH 5532 YPOC 5503 YVAL 5499 GAP 5517

/ES Plan: Yesterday market closed bearish (PBT 5437), but overnight, after jobs report, looks bullish, moving within previous value, so these're the opening and initial balance options for today:

A) If market remains above HVE 5510 with bullish internals, buy towards YVAH 5532 HVE 5541 and YHOD-HVE 5560.

B) If market moves below HVE 5510 with bearish internals, sell towards YLOD-HVE 5490 NFP SoC 5480 and ONL 5466.

Note: Market opens in balance. Don't be 'too anxious'. Stay patient. Let the market lead. You don’t have to be the first. Bad trades occur when you try to force things to happen. 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

11:00 AM Fed's Waller Speech

01:00 PM Baker Hughes Rig Count

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