More Jobs Are Bad For the Market?

December 2, 2022
Author: Peter Stolcers, Founder of OneOption

This bounce has been on weak footing and higher hourly wages are inflationary.

PRE-OPEN MARKET COMMENTS FRIDAY – As noted in my comments, I could not embrace this rally from a longer term swing perspective because of the price action. The breakouts did not have volume or follow through and that suggests that the moves were program driven. If Asset Managers felt that this was the last chance to buy at these levels they would have been aggressive and we would have seen both elements. This morning the 200-day MA will be breached. The uptrend line on a daily chart is at SPY $395 and the 100-day MA is at $391.70. Those are key levels to watch.

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