Outlook 10/04: U.S. stock futures rose on Friday, erasing an earlier decline after the release of the latest U.S. jobs report. The U.S. economy added 136,000 jobs in September, the Bureau of Labor Statistics said Friday. Economists polled by Dow Jones expected an increase of 145,000 jobs. Investors awaited the data as they searched for clues on whether the Federal Reserve will cut rates later this month. Expectations for the Fed to cut rates by 25 basis points are at 87%, according to the CME Group’s FedWatch tool.
/ESZ19 Value: YVAH 2902 YPOC 2890 YVAL 2874 GAP 2911.75
/ES Plan: Yesterday market closed bullish (PBT 2925) but overnight looks balanced, moving above yesterday's range, so:
A) If market remains above LIS HVE 2918 with bullish internals, buy towards PBT-HVE 2925 GAP 2938.50 and HVE 2948.
B) If market moves below LIS HVE 2918 with bearish internals, sell towards GAP 2911.75 HVE 2907 and ONL 2896.75
Note: It's a busy day for Fed appearances. Fed Chairman Jerome Powell, Fed Governor Lael Brainard and Fed Vice Chairman Randal Quarles all appear at a Washington DC event titled "Fed Listens". CNBC's Steve Liesman will interview Boston Fed President Eric Rosengren. Atlanta Fed President Raphael Bostic and Minneapolis Fed President Neel Kashkari also have public appearances today.
Today's Economic Calendar
10:25AM Fed's Bostic Speech
01:00PM Baker-Hughes Rig Count
02:00PM Fed's Chair Powell speech
02:10PM Fed's Brainard speech
02:30PM Fed's Rosengren speech
04:00PM Fed's Quarles speech
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