Friday, February 2, 2024

SPX Update: Nonfarm Groundhog Day

Today is, of course, Groundhog Day, which means that if nonfarm payrolls are up significantly, we get six more weeks without rate cuts.  Especially given that, on Wednesday, Fed Chairdude Powell, having lost a bet, was forced to give his press conference wearing an "Audit the Fed!" t-shirt while walking back some of his previous imminent-rate-cut nonsense.

Just in:  NFP was up significantly, well beyond estimates, so bulls will have to find some other excuse to spend money like Imelda Marcos in a Nike store.

Chart-wise, SPX did test the red support line and it held, so far:

Near-term, SPX seems to have widened its uptrend channel.  Bears would need to sustain a breakdown there to start things moving in their direction:

Beyond that, not much to add to Wednesday's update.  Trade safe.

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