⚠️ We are entering the second trading day of the week after a rather eventful weekend. We are coming from Kevin Warsh’s hawkish Jackson Hole speech on Friday, followed by renewed tensions in the Middle East over the weekend, a combination that has generated significant volatility across markets over the last few sessions. 🟢 Today at 17:00 EEST, we get: 🇺🇸 ISM Manufacturing PMI 🇺🇸 JOLTS Job Openings 👉 JOLTS deserves particular attention. With Friday’s NFP and unemployment data still ahead, today’s print gives us the first meaningful indication of how the US labor market is evolving. 🔺A resilient labor market combined with persistent inflation would give the Fed considerably more room to maintain, or potentially increase, its restrictive stance. 🔻On the other hand, further evidence of labor-market deterioration would complicate the increasingly hawkish Fed narrative. Add elevated geopolitical risk to the equation and I see very little reason to anticipate the market’s reaction. 🟢 I’ll start my trading week after today’s prints and give the market enough time to digest them before establishing a directional bias. Regardless of direction: ➡️ Controlled exposure ➡️ Clearly defined invalidations ➡️ Short time horizon ➡️ No chasing the initial move There is no need to force trades today. NFA. DYOR⚡️