Outlook 06/05: U.S. stock futures burst higher following job report. Employment stunningly rose by 2.5 million in May and the jobless rate declined to 13.3% according to data Friday from the Labor Department that was far better than economists had been expecting and indicated that an economic turnaround could be close at hand. Economists surveyed by Dow Jones had been expecting payrolls to drop by 8.333 million and the unemployment rate to rise to 19.5% from April’s 14.7%. As it turned out, May’s numbers showed the U.S. may well be on the road to recovery after its fastest plunge in history. The May gain was by far the biggest one-month jobs gain in U.S. history since at least 1939.
/ESM20 Value: YVAH 3115 YPOC 3110 YVAL 3099 GAP 3110.50
/ES Plan: Yesterday market closed balanced, but overnight is 100% bullish after job report, moving above Yesterday's range, so these are the initial balance options for today's opening:
A) If market moves above LIS HVE 3177 with bullish internals, buy towards HVEs 3189-3213-3230.
B) If market moves below LIS HVE 3177 with bearish internals, sell towards HVEs 3160-3133-3116.
Note: Overnight inventory is 100% bullish. The expected action is a counter-auction relative to overnight inventory; failure to see the counter-auction would be an indication of a potential trend day.
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