NFP Tomorrow, non-farm payrolls + Levels for June 7th Futures - Support & Resistance Levels

Support & Resistance Levels

This Blog provides futures market outlook for different commodities and futures trading markets, mostly stock index futures, as well as support and resistance levels for Crude Oil futures, Gold futures, Euro currency and others. At times the daily trading blog will include educational information about different aspects of commodity and futures trading.

NFP Tomorrow, non-farm payrolls + Levels for June 7th Futures

Get Real Time updates and more by joining our Private Facebook Group!
Subscribe to our YouTube Channel
Listen to our Market Recap Podcasts on Apple Podcasts




NFP tomorrow, FOMC Next Week:

By Mark O’Brien, Senior Broker


Tomorrow is the first Friday of the month and for traders it marks the release of the Labor Department’s monthly Non-farm payrolls report.  The report is widely considered to be one of the most important and influential measures of the U.S. economy.  It’s released at 7:30 A.M., Central Time.


To review, the Labor Dept.’s Bureau of Labor Statistics surveys about 141,000 businesses and government agencies, representing approximately 486,000 individual work sites.  The report excludes farm workers, private household employees, domestic household workers and non-profit organization employees.  The report also includes other detailed industry data including the overall unemployment rate as a percentage of the total labor force that is unemployed but actively seeking work, wages, wage growth and average workday hours.

Economists are expecting May job growth of 180,000 payrolls and for the unemployment rate to hold tight at 3.9%


If the jobless rate comes in below 4.0 percent as expected, it would mark the 28th consecutive month of sub-4% unemployment, which would be the longest streak in more than 70 years going back to the early 1950’s.


General, Part 2:


In what could be the turning point in the international fight against inflation, the Canadian central bank cut its interest rate a quarter-point from 5.0% to 4.75%.  It’s that country’s first reduction in four years, making them the first G-7 nation to lower borrowing costs/interest rates following its post-pandemic surge.  Like the U.S., Canada has a 2% target for inflation.


Certainly planned well before Canada announced its rate cut, on Thursday the European Central Bank lowered interest rates for the first time in nearly five years which applies across all twenty countries that use the Euro.  The bank’s benchmark deposit rate was lowered from 4% – the highest in the bank’s 26-year history and where the rate had been set since September – down to 3.75%.


Last month Sweden’s central bank cut its key interest rate to 3.75% from 4.00% and in what was characterized as a surprise move in March, the Swiss National Bank lowered its main policy rate by 0.25 percentage points to 1.5%.


Meanwhile, back in the U.S., there is more reluctance to ease.  Officials at the Federal Reserve are waiting to be more confident that a recent run of stubborn inflation readings will end. The Federal Reserve is not expected to cut rates at either of its next two meetings – including next week’s – and there is debate about whether it will plan to cut rates at all this year.


Stock Indexes:


Major stock index futures climbed to new all-time highs yesterday as traders continued their buying into the excitement surrounding artificial-intelligence technology.

The June E-mini S&P 500 jumped 1.2% Wednesday to beat its record set two weeks ago. The E-mini Nasdaq rallied even more – 2% – to set its own all-time high.




Crude oil futures rose for the second straight day today, bouncing back from four-month lows after the decision by OPEC+ to increase production triggered a selloff this week.



If you are a day trader, below you will see markets that our proprietary ALGO has identified as being more suitable for attacking either from the long side or the short side for the next trading session.

Questions? We are happy to help!


Daily Levels for June 7th, 2024

Economic Reports
provided by:
All times are Eastern Time ( New York)

Improve Your Trading Skills

Get access to proprietary indicators and trading methods, consult with an experienced broker at 1-800-454-9572.

Explore trading methods. Register Here

* This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

Click to rate this post!
[Total: 0 Average: 0]
Posted in: Charts & Indicators   | Commodity Brokers   | Commodity Trading   | Day Trading   | Economic Trading   | Future Trading News   | Futures Broker   | Futures Trading   | futures trading education   | Metal Futures   | Trading Guide  

Trading Expertise As Featured In

Trading Tips You Can Use Right Away!

Watch 4 short videos on the topics of:
  • Using Bollinger Bands and Parabolics
  • Using range Bars for Day-Trading
  • The concept of Price Confirmation
  • How to Use Support & Resistance Levels
  • License 3 Broker at your Fingertips