Outlook 11/02: U.S. Futures Stocks index show some weakness after Nonfarm payrolls increased by 250,000 for October, well ahead of Refinitiv estimates of 190,000. Average hourly earnings increased by five cents an hour for the month and 83 cents year-over-year, representing a 3.1 percent gain, the best pace since 2009. The unemployment rate stayed at 3.7 percent, the lowest since December 1969. This labor market strength could ease fears about the economy's health following weak housing data and stalling business investment, encouraging the Fed to raise rates again in December.
/ESZ18 Value: YVAH 2739 YPOC 2731 YVAL 2723
/ES Plan: Yesterday market closed bullish and overnight is still moving higher within 2742-2758 volume range, so we've these options:
A) If market remains below HVE 2758 with bearish internals, sell towards HVE 2742 GAP 2738 HVE 2729 and YVAL-ONL 2723-2722.75
B) If market starts to move above 2758 with bullish internals, become a buyer towards HVE 2765 ONH 2766.25 and HVEs 2783-2796.
Today's Economic Calendar
10:00 Factory Orders
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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Glossary of terms
