NFP Tomorrow

by Ilan Levy-Mayer, VP

At-a-Glance Levels

Instrument	S2	S1	Pivot	R1	R2
Gold (GC) — Dec (GCZ5)	4012.00	4047.10	4090.70	4125.80	4169.40
Silver (SI) — Dec (SIZ5)	49.06	50.08	51.16	52.18	53.26
Crude Oil (CL) — Dec (CLZ5)	57.55	58.47	59.59	60.51	61.63
Dec. Bonds (ZB) — Dec (ZBZ5)	116 3/32	116 9/32	116 22/32	116 28/32	117 9/32

NVDIA came out as we are writing the blog and results were positive.

Tomorrow we have the NFP report for September!! Due to the govt. shut down these past few weeks, so don’t be surprised with heightened volatility at 730 Am central time.

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The September Non-Farm Payrolls (NFP) report drops tomorrow, November 20th at 8:30 AM ET—and futures traders should be on high alert.

After a delay due to the government shutdown, this release is one of the final labor market snapshots before the Fed’s December rate decision. Economists expect a modest gain of around 50,000 jobs, with unemployment holding at 4.3% and average hourly earnings rising 0.3% month-over-month. For futures traders, this report could be a volatility catalyst: weaker-than-expected numbers may fuel rate-cut expectations, pressuring yields and boosting equity index futures. Conversely, a strong print could reinforce the Fed’s hawkish stance, lifting the dollar and sending treasury yields higher. With traders pricing in coin-flip odds of a December rate cut, tomorrow’s data could tilt the scales—and futures markets will likely react swiftly. Whether you’re trading equity indexes, interest rate products, or currency futures, be prepared for sharp moves and recalibrated expectations.

January Heating Oil

January Heating Oil satisfied the third upside PriceCount objective and is correcting lower. At this point, IF the chart can resume its rally with new sustained highs, we are left with the low percentage fourth count to aim for in the 3.36 area.

The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved.

It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. Learn more at www.qtchartoftheday.com

Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.

Daily Levels for Nov. 20th, 2025

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Economic Reports

U.S. government data may be impacted by the shutdown. ‘Tentative’ events are subject to delay, revision, or cancellation

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