Breaking News

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

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

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

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

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.

Comments (4)

Q4 Corporate Earnings Move in the Opposite Direction of Economic... By Christine Short - Feb 06, 2023

S&P 500 blended EPS growth for Q4 continues to fall, now expected to come in at -5.3% Peak earnings season rolls on this week with 1,447 global companies expected to...

S&P 500 May Be Set for Strong Performance as Technicals Align in 2023 By Ismael De La Cruz/Investing.com - Feb 06, 2023 5

The S&P 500 has formed a golden crossover this year This bullish formation historically indicates that the index is on its way toward having a positive year Likewise, bullish...

10 Stock Market Predictions for the Week Ahead: Tides May Be Turning By Michael Kramer - Feb 06, 2023 7

Stocks rose sharply over the week, despite a 1% drop on Friday after a strong job report. Jay Powell was right on Wednesday when he stated that the labor market was too tight and...

Add a Comment

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.

I have read Investing.com's comments guidelines and agree to the terms described.

I Agree

Write your thoughts here

Are you sure you want to delete this chart?

Delete Cancel

Post

Post also to:

Replace the attached chart with a new chart ?

Replace Cancel

1000

Comment Guidelines

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 Dec 03, 2022 8:12AM ET

Follow this post

Unfollow this post

Save

Saved. See Saved Items.

This comment has already been saved in your Saved Items

Block User

Intermediate term trend is bullish, you mean.

1 0

Report

Erkki Mäntylä Dec 02, 2022 2:13PM ET

Follow this post

Unfollow this post

Save

Saved. See Saved Items.

This comment has already been saved in your Saved Items

Block User

santa rally lower

1 0

Report

Erkki Mäntylä Dec 02, 2022 2:12PM ET

Follow this post

Unfollow this post

Save

Saved. See Saved Items.

This comment has already been saved in your Saved Items

Block User

lower, lower

0 0

Report

Stephen Fa Dec 02, 2022 11:03AM ET

Follow this post

Unfollow this post

Save

Saved. See Saved Items.

This comment has already been saved in your Saved Items

Block User

Santa rally coming in week or so

0 0

Report

<div id="comment">
				<div class="comment js-comment" data-comment-id="{commentID}" id="comment-{commentID}" data-user-id="200910591">
    <div class="mainComment js-content">
       <div class="commentInnerWrapper">
        <a href="{userLink}" class="js-user-link"><img src="{userImage}" width="33" height="33" alt="{usernameAlt}" class="img" onerror="this.src='https://i-invdn-com.investing.com/defaultUserMaleTmp.png';"></a><div class="commentBody">
                					<span class="commentUsername">
                    	<a href="{userLink}" class="js-user-link js-user-name">{username}</a>
					</span>
                                <span class="js-date" comment-date="{dateFormat}" comment-date-formatted="{dateFormatted}" title="{dateTitle}">Just Now</span>
                <div class="commentDropDown js-commentDropDownWrapper " data-user-id="200910591" data-cid="{commentID}">
	<a href="javascript:void(0);" class="threeDotsIconSmall js-thinDropdownArrow"></a>
	<div class="tooltipPopup commentActionsPop noHeader js-commentDropDownOptions displayNone">
		<div class="addRow js-option share">
			<a href="javascript:void(0);" class="js-commentSharePopup" data-cid="{commentID}" data-curl="{commentLink}"><span class="smallShareIcon middle"></span>Share</a>
		</div>

<div class="js-option addRow follow">
            <div class="js-follow-post-button" data-reg_ep="follow comment">
                <span class="alertfollowIcon middle"></span>Follow this post            </div>
            <div class="js-unfollow-post-button displayNoneImp">
                <span class="alertUnfollowIcon middle"></span>Unfollow this post            </div>
        </div>

<div class="addRow js-option save"  data-reg_ep="save comment">
		<a href="javascript:void(0);" class="js-save-item-btn" data-item-type="comments" data-item-id="{commentID}">
			<i class="saveItemBigIcon middle"></i>
			Save		</a>
	</div>
	<div class="addRow saveItemsConfirmation noHover displayNone js-saveItemResult">
		
<div class="content js-saveItemSuccess displayNone">
	<span class="mediumGreenSuccessIcon"></span><span>Saved. See <a href="/members-admin/saved-items" target="_blank">Saved Items</a>.</span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
<div class="content js-saveItemAlreadySaved saveItemAlreadySaved displayNoneImp">
	<span>This comment has already been saved in your <a href="/members-admin/saved-items" target="_blank">Saved Items</a></span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
	</div>

<div class="addRow js-option blockUser js-block-option" data-comment-id="{commentID}"  data-user-id="200910591" data-reg_ep="block user comments">
			<a href="javascript:void(0);">
				<span class="blockIcon middle"></span>Block User			</a>
		</div>
				<div class="addRow shareButtons js-sharePopup displayNone">
			<div class="js-shareComment"><span class="js-shareCommentSpan"></span></div>
		</div>
	</div>
</div>
                 <div class="commentAuthor js-comment-by-author"><span class="commentAuthorIcon"></span>Author's response</div>             </div>
		<div id="commentText-{commentID}" class="js-text-wrapper commentText withImage">
							<div id="commentBigChart{commentID}" class="commentBigChart js-comment-chart" onclick="openViewChartPopup('{commentID}')">
					<img src="https://d1-invdn-com.investing.com/comments_images/{commentImage}" alt="{commentAlt}">
					<i class="newMagnifyChartIcon"></i>
				</div>
						<span class="js-text">{commentContent}</span>
			<div class="clear"></div>
							<div class="commentButtons js-not-master-user">
					<a href="javascript:void(0)" class="reply js-reply-btn" data-real-parent-id="{commentID}" data-to-user-name="{username}" data-to-user-id="200910591">Reply</a>
					<div class="inlineblock likeDislikeBox js-like-dislike-box" data-item-id="{commentID}">
	<input class="js-like-checkbox" type="checkbox" name="option" value="Yes" id="like_{commentID}">
	<label for="like_{commentID}" class="like" title="I agree"></label>
	<span class="numOfLikes js-like-count lighterGrayFont">0</span>
	<input class="js-dislike-checkbox" type="checkbox" name="option" value="No" id="dislike_{commentID}">
	<label for="dislike_{commentID}" class="dislike" title="I disagree"></label>
	<span class="numOfDislikes js-dislike-count lighterGrayFont">0</span>
</div>

<div class="reportComment js-flag float_lang_base_2">
                            <a href="javascript:void(0);" id="commentFlag_{commentID}">
                                <span class="reportCommentIcon middle"></span><span class="inlineblock middle">Report</span>
                            </a>
                        </div>
                    				</div>
					</div>
	   </div>
	</div>
	</div>			</div>
			<div id="reply">
				
    <div class="commentReply js-comment js-comment-reply" data-comment-id="{commentID}" id="comment-{commentID}" data-user-id="">
		<div class="commentInnerWrapper"><a href="{userLink}" class="js-user-link"><img src="{userImage}" width="33" height="33" alt="{usernameAlt}" class="img" onerror="this.src='https://i-invdn-com.investing.com/defaultUserMaleTmp.png';"></a><div class="commentBody js-content">
            				<span class="commentUsername">
					<a href="{userLink}" class="commentUsername js-user-link js-user-name" onMouseOver="">{username}</a>
				</span>
                        <span class="js-date" comment-date="{dateFormat}" comment-date-formatted="{dateFormatted}" title="{dateTitle}">Just Now</span>
			 <div class="commentAuthor js-comment-by-author"><span class="commentAuthorIcon"></span>Author's response</div> 			<div class="commentDropDown js-commentDropDownWrapper " data-user-id="" data-cid="{commentID}">
	<a href="javascript:void(0);" class="threeDotsIconSmall js-thinDropdownArrow"></a>
	<div class="tooltipPopup commentActionsPop noHeader js-commentDropDownOptions displayNone">
		<div class="addRow js-option share">
			<a href="javascript:void(0);" class="js-commentSharePopup" data-cid="{commentID}" data-curl="{commentLink}"><span class="smallShareIcon middle"></span>Share</a>
		</div>

</div>
		<div id="commentText-{commentID}" class="js-text-wrapper commentText withImage">
							<div id="commentBigChart{commentID}" class="replyBigChart displayNone js-comment-chart">
					<img src="https://d1-invdn-com.investing.com/comments_images/{commentImage}" alt="{commentAlt}">
					<i class="newMagnifyChartIcon"></i>
				</div>
				<span id="commentSmallChart{commentID}" class="commentSmallChart pointer js-comment-chart" onclick="openViewChartPopup('{commentID}')">
                    <img src="https://d1-invdn-com.investing.com/comments_images/{commentImageSmall}" width="116" height="52" alt="{commentAlt}">
                    <span class="chartMagnifyOverlay displayNone"></span>
                    <span class="searchGlassIcon chartMagnify displayNone"></span>
                </span>
						<span class="js-text">{commentContent}</span>
			<div class="clear"></div>
							<div class="commentButtons js-not-master-user">
					<a href="javascript:void(0)" class="reply js-reply-btn" data-real-parent-id="{commentID}" data-to-user-name="{username}" data-to-user-id="">Reply</a>
					<div class="inlineblock likeDislikeBox js-like-dislike-box" data-item-id="{commentID}">
	<input class="js-like-checkbox" type="checkbox" name="option" value="Yes" id="like_{commentID}">
	<label for="like_{commentID}" class="like" title="I agree"></label>
	<span class="numOfLikes js-like-count lighterGrayFont">0</span>
	<input class="js-dislike-checkbox" type="checkbox" name="option" value="No" id="dislike_{commentID}">
	<label for="dislike_{commentID}" class="dislike" title="I disagree"></label>
	<span class="numOfDislikes js-dislike-count lighterGrayFont">0</span>
</div>

Are you sure you want to delete this chart?

Delete Cancel

Post

Replace the attached chart with a new chart ?

Replace Cancel

1000

Comment Guidelines

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.

I feel that this comment is:

Spam

Offensive

Thank You!

Your report has been sent to our moderators for review

More Categories

1D1W1M6M1Y5YMax

US 30	33,894.7	-31.3	-0.09%
US 500	4,114.1	-22.4	-0.54%
Dow Jones	33,894.16	-31.85	-0.09%
S&P 500	4,114.65	-21.83	-0.53%
Nasdaq	11,914.21	-92.74	-0.77%
S&P 500 VIX	19.54	+1.21	+6.60%
Dollar Index	103.507	+0.752	+0.73%

Crude Oil WTI	74.08	+0.69	+0.94%
Brent Oil	80.91	+0.97	+1.21%
Natural Gas	2.388	-0.022	-0.91%
Gold	1,881.55	+4.95	+0.26%
Silver	22.258	-0.147	-0.66%
Copper	4.0375	-0.0190	-0.47%
US Soybeans	1,519.12	-11.88	-0.78%

U.S. 10Y	3.629	+0.097	+2.74%
U.S. 30Y	3.674	+0.047	+1.31%
U.S. 5Y	3.8073	+0.1410	+3.85%
U.S. 3M	4.6665	+0.0080	+0.16%
US 10Y T-Note	113.53	-0.89	-0.78%
Euro Bund	136.87	-0.92	-0.67%
10-2 Yield Spread	-76.93	-6.74	9.60%

Apple	152.30	-2.20	-1.42%
Alphabet A	103.07	-1.71	-1.63%
Tesla	195.38	+5.40	+2.84%
Amazon.com	102.72	-0.68	-0.65%
Netflix	364.94	-0.96	-0.26%
Meta Platforms	187.28	+0.75	+0.40%
Bank of America	36.33	-0.10	-0.29%

	Interest Rates	Next Meeting
FED	4.75%	Mar 22, 2023
ECB	3.00%	Mar 16, 2023
BOE	4.00%	Mar 23, 2023
SNB	1.00%	Mar 23, 2023
RBA	3.10%	Feb 07, 2023
BOC	4.50%	Mar 08, 2023
RBNZ	4.25%	Feb 22, 2023
BOJ	-0.10%	Mar 10, 2023
CBR	7.50%	Feb 10, 2023
RBI	6.25%	Feb 08, 2023
PBOC	3.65%
BCB	13.75%	Mar 22, 2023

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

Futures Contract Close to 4,000 Again

Related Articles