Outlook 04/03: Stock futures were pointing to a neutral open after jobs report. Nonfarm payrolls dropped by 701,000 in March. It was the first decline in payrolls since September 2010 and came close to the May 2009 financial crisis peak of 800,000. Some two-thirds of the drop came in the hospitality industry, particularly bars and restaurants forced to close during the economic shutdown. The unemployment rate rose to 4.4% — from 3.5% — its highest level since August 2017 as employers just began to cut payrolls ahead of social distancing practices that shut down large swaths of the U.S. economy in order to stop the virus’s spread.
/ESM20 Value: YVAH 2511 YPOC 2489 YVAL 2470 GAP 2516.75
/ES Plan: Last session market closed bullish, but overnight looks more balanced after jobs report, so these're the options for today:
A) If market moves above LIS HVE 2508 with bullish internals, buy towards ONH 2526.75 HVE 2539 and GAP 2560.25.
B) If market moves below LIS HVE 2508 with bearish internals, sell towards HVE 2480 ONL 2474.25 and HVE 2416.
Note: On these high volatility days (VIX>50), your first trading rule is 'manage your risk'. Regardless of how much more money you could have made, you do realize that you just can not manage risk on this enviroment. Risk is just too great (>20p) so I recommend to stay aside.
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