Outlook 05/06: U.S. stock futures rose at overnight but lost momentum after ADP report. Private payrolls fell by more than 20 million in April, the worst drop in the ADP history, though not as bad as estimates of 22 million job losses. The biggest losses came in services and hospitality along with trade, transportation, utilities and construction. Big business suffered the worst losses at more than 9 million jobs. The ADP report precedes Friday’s jobs report, which is expected to show 21.5 million job losses in April, with unemployment rate climbing to 16% from 4.4%.
/ESM20 Value: YVAH 2889 YPOC 2886 YVAL 2862 GAP 2858.25
/ES Plan: Yesterday market closed bearish, but overnight looks more bullish, moving within yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS HVE 2867 with bullish internals, buy towards LVN 2880 ONH 2886.25 HVE 2889 GAP 2897 and HVE 2907.
B) If market moves below LIS HVE 2867 with bearish internals, sell towards GAP 2858.25 HVE 2857 ONL 2843.50 GAP 2825 and HVE 2820.
Note: Overnight looks balanced, moving within yesterday's value, so don't be 'too anxious' to trade early in the morning. If we're within a value range we want to have some patience until market breaks value.
Market Movers
10:30 EIA Petroleum Inventories
01:30 PM Fed's Bostic Speech
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