ES 9-2-22
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Numbers to watch on the downside are 3961, 3953-56, and 3931. Its way too early to tell if we are starting a decline to the 3860 area ,but it is possible.
On the upside im watching 4017, 4026-28, 4044-48
The U.S. labor market grew as expected in August as more people entering the workforce pushed the unemployment rate higher last month.
Here are the highlights from the Labor Department's monthly jobs report released Friday, compared to consensus estimates from Bloomberg.
Non-farm payrolls: +315,000 vs. +298,000 expected
Unemployment rate: 3.7% vs. 3.5% expected
Average hourly earnings, month-over-month: +0.3% vs. +0.4% expected
Average hourly earnings, year-over-year: +5.2% vs. +5.3% expected
The labor force participation rate in August also registered a notable uptick, to 62.4% from 62.1% the prior month, matching the highest level since March 2020.
3961.25... Bingo!
Well the 3953 area did not hold so the market seems to want 3931 next... basically a trend down day as expected. If so, then the downdraft should carry ito at least Wed. where i have a Kools tools cycle low.
Time to cover shorts..we could easily bounce 40-50 points at anytime and it's Friday on a holiday weekend. Better to watch as the easy money is done for the day
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