Outlook 01/05: U.S. major indexes still headed for opening gains after mostly inline jobs print. The economy added 148K jobs in December. That's shy of the 185K expected, but November's 228K gain was revised up to 252K. The unemployment rate held steady as expected at 4.1%. Labor force participation was flat at 62.7%. That's also flat from a year ago, but down from 63% in September.
/ES Value: YVAH 2727 YPOC 2725.50 YVAL 2723
/ES Plan: Yesterday market closed leaving a bullish profile (PBT 2743). Overnight inventory is bullish (GBT 2740) moving above yesterday's value and printing a new record high that should be visited on the regular session, so as usual we've these options:
A) If market remains above YHOD 2729 with bullish internals, try to be a buyer leaning on 2729-2730 towards ONH and PBTs 2740-2743 Failure to breakdown YHOD early is a signal of a strength.
B) If market starts to move below YHOD 2729 with bearish internals, try to be a seller leaning on 2729-2727 towards GAP-YVAL 2724-2723 Failure to take out ONH early is a signal of weakness.
Note: Overnight record high shows some excess on it, but yesterday's profile still shows bullish imbalance, so we've to watch closely volume at prices on next record highs, looking for decent volume peak that set new auction range.
Today's Economic Calendar
10:00 Factory Orders
10:00 ISM Non-Manufacturing Index
10:15 Fed's Harker: Economic Outlook
12:30 PM Fed's Mester speech
01:00 PM Baker-Hughes Rig Count
10:15 Fed's Mester Speech
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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