Morning Insight - ES

9/5/2024

Sep 06, 2024

Good Morning Traders,

We have big news on the docket today—Non-Farm Payroll and Unemployment Rate figures are due before the bell, and Fed member Waller is speaking at 11:00 a.m. EST.

Overnight, we've seen a move down, slipping well below the 5516 level. As long as we're under 5516, I’m maintaining a bearish outlook, so keep this line marked on your chart as a significant area to monitor.

The top end of our range today is 5542, and price would need to break above that level to continue higher. Additionally, keep an eye on the untested level around 5538, which I view as the extreme end of our zone.

If we stay below 5516, there's potential for a drop into the 5440 areas. With the big news this morning and expected volatility, anything can happen. So, stay on your toes, be safe, and be patient.

Let's conquer the markets!

Ryan Bailey
VICI Trading Solutions

NEWS