Nonfarm Payroll Numbers will drive the market

We believe that the Nonfarm Payroll numbers will be the market moving event during the session on Thursday, as the Americans have pushed the announcement up one day in order to kick off the Independence Day weekend. With that being the case, we believe that the markets will move rather drastically in the short-term, and then probably go just about that in the afternoon during North American trading.

S&P 500 shows resilience

The S&P 500 showed resilience during the session on Wednesday, as we broke above the 2080 handle, which is the beginning of the next consolidation area. If we can get above the top of the range for the day, we would in fact be call buyers as we believe the market should then go to the 2125 handle.

Silver markets find support during the session

Silver markets fell initially during the course of the session on Wednesday, but continues to find support at the $15.50 level. We are buyers of calls on short-term dips, but believe anything beyond a short-term trade is just about impossible.

USD/JPY will be in focus

We haven’t filled the gap quite yet, but truthfully the Nonfarm Payroll numbers are the biggest driver of this pair most of the time. Quite frankly, if we pullback we are buyers of calls as long as we can stay above the 122 handle, and we of course will be buyers of calls if we break the top of the range for the session on Wednesday.