Holding Pattern Ahead Of Friday Jobs Report

Good Thursday Morning, MPTraders!  June 6, 2024-- Pre-Market Update: The markets should be in a holding pattern for today's session-- after the first ECB rate CUT since 2019, another uptick in Weekly Unemployment Claims, and a downtick in quarterly labor costs-- all of which tilt to a softening U.S. economy-- in anticipation of tomorrow's (Friday's) AM Jobs Report... 

Bottom Line: ES-- As long as any forthcoming weakness is contained above or within key nearer-term support from 5340 down to 5310 (5300 with slippage), the dominant uptrend will remain the overwhelming technical directional influence that argues for upside continuation-- perhaps into a blow-off scenario-- that projects a minimum target of 5400, but likely in route to a target closer to 5500+... Last is 5366.00

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