Outlook 09/03: U.S. stock futures trim losses, turn positive after release of jobless claims data. New filings for jobless claims totaled 881,000 last week, better than estimates as the employment market continued its gradual progress during the coronavirus pandemic recovery. The number reflects both an improving labor market as well as a change in methodology from the Labor Department to address seasonal factors. Unique circumstances associated with the coronavirus likely caused jobless claims totals to be overstated during the pandemic.
/ESU20 Value: YVAH 3561 YPOC 3546 YVAL 3533 GAP 3579.25
/ES Plan: Yesterday market closed balanced, but overnight looks more bearish (PBT 3546), still moving a few ticks above yesterday's value, so these are the initial balance options for today's opening:
A) If market remains below LIS YVAH 3561 with bearish internals, sell towards YPOC 3546 GAP 3526.25 and HVE 3511.
B) If market moves above LIS YVAH 3561 with bullish internals, buy towards GAP 3579 ONH 3586.50 and ATH 3587.
Note: On the bigger picture (5yr profile), yesterday market ended balanced at highs, and overnight action failed printing a new record high. These're conditions for a decent pullback after 10 days rally.
Market Movers
09:45 PMI Composite Final
10:00 ISM Service Index
10:30 EIA Natural Gas Inventory
12:00 PM Fed's Bostic Speech
01:00 PM Fed's Evans Speech
04:30 PM Money Supply
04:30 PM Fed Balance Sheet
Questions via @verniman direct message (RTH) or email (After Close).
Follow alerts using TweetDeck. Primary twitter language is English.
No unauthorized reproduction of this service without permission.
