The Labor Department will release its broad snapshot of the jobs market this morning, setting the stage for a possible rate hike in June if policymakers can be convinced the economy can handle it. Investors may have lowered their expectations for the April payrolls number after a disappointing ADP reading on Wednesday, but forecasts for a figure above 200K remain high, with the unemployment rate holding steady at 5%.
In Asia, Japan -0.3% to 16107. Hong Kong -1.8% to 20089. China -2.8% to 2913. India -0.1% to 25229.
In Europe, at midday, London -0.8%. Paris -1.1%. Frankfurt-0.8 %.
Futures at 6:20, Dow -0.2%. S&P -0.3%. Nasdaq -0.3%. Crude -0.8% to $43.98. Gold +0.8% to $1281.90.
Ten-year Treasury Yield flat at 1.74%
(Source: Seeking Alpha)
HOD Range Projection = 2065.55; LOD Range Projection = 2027.20; CD2 Maximum Penetration Level = 2065.83; CD2 Maximum Violation Level = 2025.98; Cycle Day 1 Low = 2039.50; 3 Day Central Pivot = 2052.25; 3 Day Cycle Target = 2061.76;10 Day Average True Range = 19.05
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: June (M) Contract
*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.
Scenario 1: Price will need to hold above 2036 -2039 zone and convert 2045.25 to support for increased chance for this cycle rally. IF this occurs, THEN initial objective would be to recapture and convert 2047.25, 2052.25, and 2054 to new support.
Scenario 2: Failure to convert 2045.25 to support would be continued Sign of Weakness (SOW)…Subsequent violation and conversion of 2036 handle to resistance opens door for continued selling with lower targets measuring 2027 – 2025 deep extreme zone.
Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.
Stay Focused…Non-Biased…Disciplined ALWAYS USE STOPS!
“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee
*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS