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JOLTs data reverted teeing things up for today’s data dump and tomorrow’s main event, the August Nonfarm Payroll report.Bill Baruch is back at the NYSE for the CNBC Halftime Report for the hour. With economic data and names like NVDA and TSLA front and center, make sure to tune in! E-mini S&P (September) / E-mini NQ (September) S&P, yesterday’s close: Settled 5530.00, down 11.75 NQ, yesterday’s close: Settled at 18,962.50, down 44.00 E-mini S&P and E-mini NQ futures defined range yesterday, and JOLTs data reverted to pre-pandemic levels. This tees things up for today’s data dump and tomorrow’s main event, the August Nonfarm Payroll report. The private ADP survey and first look at August jobs came in much lighter than expected at 99k versus 144k, and July was revised from 122k to 111k. However, Initial Jobless Claims are not confirming the narrative at 227k versus the 231k expected, working lower from the August 1st of 249k. Services data will be front in center first with the final S&P Global read for August at 8:45 am CT, before the closely watched ISM report at 9:00 am CT. Price action in both the E-mini S&P and E-mini NQ yesterday was overall contained, and both are holding out above rare major four-star support levels down at 5477 and 18,639-18,688, respectively. The market is searching for direction after the first wave of data and likely awaiting the Services reads intraday. Our Pivot and point of balance will help usher a test of first support or resistance detailed. The Pivot and point of balance aligns with our momentum indicators in the E-mini S&P at… Want to keep up with the market?Subscribe to our daily Morning Express for essential insights into stocks and equities, including the S&P 500, NASDAQ, and more. Get expert technical analysis, proprietary trading levels, and actionable market bias delivered straight to your inbox. https://bluelinefutures.com/2023-signup/?utm_source=Bill-Baruch-Barchart Futures trading involves substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results. On the date of publication, Bill Baruch did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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