Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Jobs Data Sends S&P 500 Lower, but Trend Remains Bullish

By Sunshine Profits (Paul Rejczak)Stock MarketsDec 02, 2022 09:24AM ET
www.investing.com/analysis/jobs-data-sends-sp-500-lower-but-trend-remains-bullish-200633061
Jobs Data Sends S&P 500 Lower, but Trend Remains Bullish
By Sunshine Profits (Paul Rejczak)   |  Dec 02, 2022 09:24AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
 
US500
-0.53%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Stock prices went sideways following their Wednesday’s rally. Was that a short-term topping pattern?

The S&P 500 index lost 0.09% on Thursday, as it fluctuated following its Wednesday’s rally of 3.1%. The market broke higher after Jerome Powell’s dovish speech. Yesterday the broad stock market’s gauge was the highest since September 12, but it bounced down from the 4,100 level.

This morning the S&P 500 opened 1.1% lower following better-than-expected nonfarm payrolls release. The market will likely retrace some of its Wednesday’s rally, at least at the opening of the trading session. Still, the index continues to trade above its two-month-long upward trend line, as we can see on the daily chart:

S&P 500 Daily Chart
S&P 500 Daily Chart

Futures Contract Close to 4,000 Again

Let’s take a look at the hourly chart of the E-mini S&P 500 futures contract. It broke below its narrow consolidation along the 4,100 level. The support level is at 3,950-4,000.

S&P 500 E-Mini Futures 1-Hour Chart
S&P 500 E-Mini Futures 1-Hour Chart

Conclusion

The broad stock market opened much lower this morning. On Wednesday it rallied over 3% and yesterday it traded within a consolidation. So it will retrace some of the advance, and we may see more short-term uncertainty.

Here’s the breakdown:

  • The S&P 500 paused its rally yesterday, and today it will likely retrace some of it.
  • It still looks like a consolidation following a rally from the October low.

* * * * *

The information above represents analyses and opinions of Paul Rejczak & Sunshine Profits' associates only. As such, it may prove wrong and be subject to change without notice. At the time of writing, we base our opinions and analyses on facts and data sourced from respective essays and their authors. Although formed on top of careful research and reputably accurate sources, Paul Rejczak and his associates cannot guarantee the reported data's accuracy and thoroughness. The opinions published above neither recommend nor offer any securities transaction. Mr. Rejczak is not a Registered Securities Advisor. By reading his reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits' employees, affiliates as well as their family members may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

Jobs Data Sends S&P 500 Lower, but Trend Remains Bullish
 

Related Articles

Jobs Data Sends S&P 500 Lower, but Trend Remains Bullish

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (4)
Ross Dre
Ross Dre Dec 03, 2022 8:12AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Intermediate term trend is bullish, you mean.
Erkki Mäntylä
Erkki Mäntylä Dec 02, 2022 2:13PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
santa rally lower
Erkki Mäntylä
Erkki Mäntylä Dec 02, 2022 2:12PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
lower, lower
Stephen Fa
Stephen Fa Dec 02, 2022 11:03AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Santa rally coming in week or so
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email