Unemployment is expected to rise for a second consecutive month. However, if the ADP jobs report or jobless claims report are any indication, today's news reported at 8:30 EST may prove to show numbers slightly better than expectations. We saw spikes in the indices after both reports on Wednesday and Thursday, so we are going to see market movement this morning as well.
After trading up to 1159.50 in the overnight session, the ES has since moved back down to 1150.50 and is hovering just above the 1148-1150 support. I will be looking to buy the market ahead of the employment numbers in anticipation of spikes like we saw on Wednesday and Thursday. Could be a potential 10 points up for grabs. Any move below 1048 or yesterday's low of 1047.25 will be a sign to get out of any longs.
I will also be looking to begin a scale in short position if we trade up to the mid 1060s today.
Employment numbers out in 10 minutes, lets see if we have a fun pre-market session here...
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