It seems all week the market has been waiting for the Nonfarm Payroll Report (NFP) tomorrow morning. The market showed a similar pattern to last week, with a strong start on Monday and chopping into the rest of the week ahead of another jobs report. Last week, the market had a bullish reaction to the news and exploded on Friday. We’ll be using the same compass as last week, the 4-hour squeeze on the S&P 500 (ES), to gauge if this latest jobs report will act as a catalyst for a move higher or lower.
Be patient on Friday following the NFP report and and ahead of the long holiday weekend as big money could be gone for the week, in which case we could continue to see choppiness.
Stay mindful of these potential catalysts because a bullish reaction could push the market through all time highs (ATH) and rally prices higher. Watch the video above for levels we’re watching in the major indices and key setups that we’ll look to take advantage of tomorrow.
Stay Focused!