Morning Ideas August 5, 2022
Good morning traders,
NFP numbers came in hot, adding 528,000 jobs vs 250,000 expected. The market may have been expecting more because we sold off 40 points in the SP500 immediately.
The selling brings us back into the thick area around 4120. I am looking at 4160 as the scene of the crime, and the market needs to get through 4180 before I think it's reasonable to see a squeeze towards 4250.
Below, I think 4060 is key if we want to see the market stay in this dense upper area. If we fall below 4060, I think we start to attack the lower prices in the profile. This would mean we'd see prices well below 4000.
Your (educated) guess is as good as mine, but look for those areas to be key today.
NFP numbers came in hot, adding 528,000 jobs vs 250,000 expected. The market may have been expecting more because we sold off 40 points in the SP500 immediately.
The selling brings us back into the thick area around 4120. I am looking at 4160 as the scene of the crime, and the market needs to get through 4180 before I think it's reasonable to see a squeeze towards 4250.
Below, I think 4060 is key if we want to see the market stay in this dense upper area. If we fall below 4060, I think we start to attack the lower prices in the profile. This would mean we'd see prices well below 4000.
Your (educated) guess is as good as mine, but look for those areas to be key today.