SPY Squeeze When

Trader & Market Analyst • Sep 6, 2024 at 9:07 AM EDT

Not immediately to the ADP employment change, but following the ISM data, S&P 500 paid attention to the job market status – and another rally got checked.

Not immediately to the ADP employment change, but following the ISM data, S&P 500 paid attention to the job market status – and another rally got checked. Nasdaq outperformance likewise, following AVGO earnings even more so. There were though pockets of strength (further discussed). The fear and positioning is for a very weak NFPs figure, and therefore I am looking for a bullish squeeze higher as the more probable scenario than continuing the slide with the same pace as before.

This is how I summed up the prognosis in our channel, and what the bond market clues look like.

(Click on image to enlarge)

S&P 500 and Nasdaq

(Click on image to enlarge)

S&P 500 and Nasdaq

More By This Author:

Elusive SPY Bounce
Risk-Off Duly Called
Why Sudden Risk-Off

Disclaimer:

Keep enjoying the lively Twitter feed via keeping my tab open at all times (notifications on aren’t enough) – combine with subscribing to my Youtube channel, and of course Telegram that always delivers my extra calls (head off to Twitter to talk to me there), but getting the key daily analytics right into your mailbox is the bedrock.

Subscribe to Monica‘s Insider Club for trade calls and intraday updates. My Network
Disclaimer: All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.

Comments

Back to all articles

More from this Author

Reprieve Time It Is

Dollar, Yields And Friday's Repricing

High CPI Stunner?