Your MUST-READ Morning Stock Futures Cheat Sheet: Risk markets surge off employment data

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The Precise Take – Risk markets surge off employment data

Big Picture Analysis:   Bulls continue to trade the ES higher in a narrow trend channel, with another launch this morning from a beat in payrolls (including material upward revisions from the prior two months).  A push above about 1180 in the ES suggests  we might see a test of the August highs around 1220-25 in the December contract.  At that point, we would need to have seen leadership emerge as short covering fuel will have largely dried up.  A lower close today off the positive econ data would be a negative development for the bulls.  With a quasi three-day weekend (bank holiday Monday in the US), the markets will be particularly susceptible to headline risk this afternoon and Monday.

Trading Today:   See below for support and resistance areas.  With the S&P 500 poised to open at its widely noted declining 50 day moving average, the opening hour will be important.

Today’s  Scheduled News (all times EDT)

Major Market Movers
None

Minor Market Movers
Wholesale Trade at 10:00 am
Consumer Credit at 3:00 pm

Tomorrow’s Scheduled News

Major Market Movers
None – US Holiday – Markets Open

Minor Market Movers
None


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