how we're trading the week ahead
Hey team.
We've got another market brief on $ES for you, discussing today’s market activity and everything we’ll be focusing on.
Let’s jump in!
Impact Snapshot
US job openings fall to new 3-year low
Market Evaluation
U.S. job openings fell more than expected in April, pushing the number of available jobs per job-seeker to its lowest in nearly three years.
Labor market conditions soften in a manner that could help the Federal Reserve's fight against inflation.
Investors want a labor market that is weak enough to allow the central bank to cut interest rates, but not so weak that it spurs worries over a potential recession.
Economical reports for tomorrow to focus on will be ADP Non-Farm Employment Change at 8:15am and ISM Services PMI at 10:00am.
How to split market profiles on TradingView
Markets Breakdown
Our morning outlook today was anticipating a correction of the overly short overnight inventory towards the settle which was the first initial move the market did.
When you’re evaluating the market, focusing on where the value is shifting is more important than focusing exclusively on price.
Yesterday we’ve had overlapping value areas to the upside and the overly short overnight inventory was simply emotional with the market targeting a correction towards our references right at the open. Read the update here.
Going into tomorrows session, the main focus reference is the overlapping highs.
When you get highs like these, the odds of them “lasting” once revisited are pretty low so we’ll exercise caution with shorts at this area unless we get further confirmation of a rejection.
What we want to see is excess above to reach at least 5318 in order to clear this weak reference area.
ES
The we’ll focus on the overnight going into tomorrow’s session:
Upside Levels: 5318/5333/5342
Downside Levels: 5295/5273/5252
That’s all we got!
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