E-Mini S&P 500 Futures
The Nonfarm Payrolls data comes out tomorrow morning at 7:30 AM (cst), and NFP days behave in a certain way. First thing you should do is look at past NFP days to get an idea of the typical "behavior". Check the following links for last month's posts for the NFP release:
NFP days typically consist of two moves; a swing in one direction (reaction) followed by a swing in the other direction. Momentum is high, so be careful fading momentum unless price is at an extreme. Another important point to keep in mind is that typically the Initial Balance High/Low is put in place right around the Cash Open (8:30 AM cst). The typical reactionary swing is 15 points or so; but with the reduced volatility, I'm anticipating a 9-12 point reactionary swing (just an estimate). The Key Levels still apply, but I would look at where price is trading at 7:30 AM, and then rely on a Support/Resistance Zone 9-12 points away from that level. 1127-1128 has been a heavily accepted area over the last week. If that level breaks, we could see some fast liquidation down to the 1118-1119 area.
Employment Situation / Nonfarm Payrolls at 7:30 AM (cst) and Wholesale Trade at 9:00 AM (cst).
ES - Daily Bar Chart with Volume Profile and Key Levels