Outlook 05/07: U.S. stock futures rose at overnight in spite of jobless claims data that totaled 3.169 million, bringing seven-week tally to 33.5 million. Though the numbers remain elevated, that is the lowest total since shortly after the coronavirus was declared a pandemic. The latest jobless claims numbers come a day before the Labor Department releases its nonfarm payrolls report for April. Economists surveyed by Dow Jones expect a plunge of 21.5 million, easily the worst month in U.S. history, with the unemployment rate surging to 16%.
/ESM20 Value: YVAH 2876 YPOC 2861 YVAL 2854 GAP 2833.50
/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 2881.50 HVE 2889 GAP 2897 and HVE 2907.
B) If market moves below LIS HVE 2867 with bearish internals, sell towards HVEs 2857-2845 GAP 2833.50 GAP 2825 and ONL 2823.
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 Natural Gas Inventory
12:00 PM Fed's Kashkari Speech
03:00 PM Consumer Credit
04:00 PM Fed's Harker Speech
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
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