Outlook 05/08: U.S. stock futures look balanced after nonfarm payrolls showed 20.5 million jobs were lost in April as unemployment rate jumps to 14.7%. The “real” unemployment rate, which includes workers not looking for jobs and the underemployed, surged to 22.8%. These numbers easily smashed post-World War II era records and help reflect the profound damage done through efforts used to combat the virus.
/ESM20 Value: YVAH 2885 YPOC 2875 YVAL 2868 GAP 2833.50
/ES Plan: Yesterday market closed bullish (PBT 2828), but overnight looks more balanced, moving within yesterday's value, so these are the initial balance options for today's opening:
A) If market remains above LIS HVE 2907 with bullish internals, buy towards HVE 2918 ONH 2923 PBT 2928 and GAP 2940.
B) If market moves below LIS HVE 2907 with bearish internals, sell towards HVE 2889 ONL 2879.75 and HVEs 2867-2857.
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.
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