Focus Is On Jobs, Jobs, Jobs

Good Wednesday Morning, MPTraders! September 4, 2024-- Pre-Market Update: The next three trading days will focus on Jobs, Jobs, Jobs. This morning, we get data on JOLTS-- Job Openings and Job Quits for July. Tomorrow, we get Weekly Jobless Claims, the ADP monthly payrolls report, and Quarterly Productivity and Costs. Then, on Friday, the Big Kahuna, the Monthly BLS Employment Report for August... 

In the meantime, the markets will remain volatile within the grasp of an incomplete nearest-term correction of the August upleg. 

From a BIG Picture perspective, the $64,000 question is whether the August advance represents the first move of a new up leg after the completion of a 10.5% July-August correction or part of a larger-developing, incomplete correction from the July ATH at 5721.25. 

MJP answer: I don't know yet, BUT if the current weakness presses and sustains beneath 5450, my pattern work will be warning me that  the likelihood of a full-fledged revisit of the August low-zone from 5200 to 5120 is increasingly likely. 

From an intraday perspective, as long as ES is trading below 5540, my nearest-term pattern work argues that the index is vulnerable to downside continuation to my optimal pullback target window of 5460/80... Last is 5522.75...