Outlook 08/02: The U.S. economy added 164,000 jobs in July vs. expectations of 165,000 increase; while wages maintained their moderate pace of increase, boosting expectations for another Fed rate cut next month. The unemployment rate unchanged at 3.7%, marking the lowest jobless rate in nearly 50 years. While the numbers reflected a jobs market that continues to edge to full employment, the data also showed that companies are continuing to hire despite persistent fears of a broader economic slowdown ahead.
/ESU19 Value: YVAH 2990 YPOC 2958 YVAL 2948 GAP 2951
/ES Plan: Yesterday market closed bearish but overnight look balanced, moving below yesterday's range, so today's options:
A) If market remains above YVAL 2948 with bullish internals, buy towards ONH 2961 HVEs 2972 YVAH 2990 and HVE-SoC 3006.
B) If market moves below LIS YVAL 2948 with bearish internals, sell towards ONL 2933 GAP 2931 HVEs 2924-2918-2908-2900.
Tips: Yesterday's selling was a 'news driven event', so chance for a reversal to the scene of crime (SoC), the zone where a news-based move was initiated and is therefore susceptible to be visited again.
Today's Economic Calendar
10:00 Factory Orders
10:00 Consumer Sentiment
01:00 PM Baker-Hughes Rig Count
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