Outlook 08/03: The July jobs report is out and it’s a miss. In July, the U.S. economy added 157,000 jobs while the unemployment rate fell to 3.9%. Expectations were for the economy to add 193,000 jobs with the unemployment rate falling to 3.9%. Following this report stock futures remained lower, but had little reaction to the jobs report itself.
/ESU8 Value: YVAH 2829 YPOC 2826.50 YVAL 2810
/ES Plan: Yesterday market closed bullish (PBT 2860) and overnight looks bearish (GBT 2819), moving a few ticks below yesterday's value, so we've these options:
A) If market remains below YVAH 2829 with bearish internals, try to sell leaning on 2828 towards ONL 2824.75 HVE 2819 and YVAL 2810. 'Look above and fail' is a bearish signal.
B) If market starts to move above YVAH 2829 with bullish internals, become a buyer above 2828 towards ONH 2836 HVE 2838 LVN 2850 and PBT 2860. 'Look below and fail' is a bullish signal.
Tips: what's the big deal with the unemployment number anyway? Whatever, look... more jobs means fewer people looking for work, means it's harder to find good people to fill those jobs, means you gotta raise wages to get them, means inflation goes up. You got it?
Today's Economic Calendar
09:45 PMI Services Index
10:00 ISM Non-Manufacturing Index
01:00 PM Baker-Hughes Rig Count
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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