Outlook 05/04: The Labor Department reported that the economy added 164,000 jobs in the month of April, lower than the 192,000 expected by economists polled by Reuters. Average hourly earnings growth also missed, rising 4 cents, equating to a 2.6 percent annualized gain. The unemployment rate fell to 3.9 percent, an 18-year low.
/ESM8 Value: YVAH 2635 YPOC 2627 YVAL 2606
/ES Plan: Yesterday market closed bullish (PBT 2662) and overnight is balanced, moving within Yesterday's value, so we've these options:
A) If market remains above HVE 2620 with bullish internals, be a buyer leaning on 2620-2624 towards YVAL 2635 HVE 2640 and LVN 2662. 'Look below and fail' is a signal of strength.
B) If market starts to move below HVE 2620 with bearish internals, become a seller leaning on 2620-2617 towards YVAL 2606 and HVE 2586. 'Look above and fail' is a signal of weakness.
Tips: Trade entries and exits always depend on each trader account size, financial situation, risk tolerance and time frame style (swing or scalp). You can combine both (Scalp/Swing) in a scale-out trade strategy, where one set of contracts is scalped and a second set is left open for a possible runner towards key levels (VAH-VAL/HOD-LOD/PBT-GAP).
Today's Economic Calendar
12:45 PM Fed's Williams Speech
01:00 PM Baker-Hughes Rig Count
08:00 PM Fed's Kaplan speech
08:00 PM Fed's Bostic speech
08:00 PM Fed's George speech
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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