Outlook 12/08: The November jobs report is out. In November, the U.S. economy added 228,000 jobs, more than 200,000 jobs expected by economists, while the unemployment rate held steady at 4.1%. Jobs report comes just a few days before the Fed’s next monetary policy decision, set for Wednesday, December 13, at which the central bank is widely expected to announce its third interest rate increase of the year.
/ES Value: YVAH 2640 YPOC 2638.50 YVAL 2634
/ES Plan: Yesterday market closed leaving bullish imbalance and, after Jobs report, overnight inventory is balanced, moving just a few ticks above 2651-2619 auction range, so we've these options:
A) If market remains above LVN 2645 with bullish internals, try to be a buyer leaning on 2645-2647-2651 towards LVN 2658 and ATH 2665.25. Failure to breakdown LVN 2645 early is a signal of a strength.
B) If market starts to move below LVN 2645 with bearish internals, try to be a seller leaning on 2645 towards LVN-YVAL 2634 and CLVN 2619. Failure to take out ONH 2652 early is a signal of weakness.
Tips: We're into the rollover week. The pace of the roll, right now, is around 55%. I start to quote /ESH8 due to volume from March contract becomes greater than December /ESZ7 contract.
Today's Economic Calendar
10:00 AM Wholesale Trade
10:00 AM Consumer Sentiment
01:00 PM Baker-Hughes Rig Count
Link for Updates (Check it during RTH session)
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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