The S&P 500 on Friday ended the week 1.6% higher, with its accompanying SPDR S&P 500 Trust ETF (SPY) also up 1.6%, as sentiment improved after the Federal Reserve meet on Wednesday. The S&P 500 posted gains in four out of five weeks this year.
However, while Fed President Jerome Powell said progress had been made against inflation, a surprisingly robust jobs report renewed fears that the Fed will likely keep rates higher for longer as labor market imbalances persist.
Investors will return next week with a new wildcard in the mix after the January jobs report smashed expectations to reinforce the view that the Federal Reserve will move forward with planned rate hikes. The labor market read is likely to keep Federal Reserve Chairman Jerome Powell on script when he speaks at the Economic Club of Washington D.C. on February 7. Earnings reports slow down in the week ahead, although there are some key releases to watch.
Chart: SPX daily
Chart: SPX 15 mins
From tech side of analysis, last Friday was a clear sign of price correction, without further macro boost, the market is expecting correction back to 8&21 EMAs. 4090ish would like to see some buyers come in.
Couple day trading ideas:
QQQ Short, Enter 306~307ish, TP 300~298ish, SL 312.39
HTHT Short, Enter 46.8ish, TP 45.5ish, SL 47.79
IJH Short, Enter 270.4ish, TP 268ish, SL 272.15
Please feel free to express your ideas and thoughts in the comment section.
However, while Fed President Jerome Powell said progress had been made against inflation, a surprisingly robust jobs report renewed fears that the Fed will likely keep rates higher for longer as labor market imbalances persist.
Investors will return next week with a new wildcard in the mix after the January jobs report smashed expectations to reinforce the view that the Federal Reserve will move forward with planned rate hikes. The labor market read is likely to keep Federal Reserve Chairman Jerome Powell on script when he speaks at the Economic Club of Washington D.C. on February 7. Earnings reports slow down in the week ahead, although there are some key releases to watch.
From tech side of analysis, last Friday was a clear sign of price correction, without further macro boost, the market is expecting correction back to 8&21 EMAs. 4090ish would like to see some buyers come in.
Couple day trading ideas:
QQQ Short, Enter 306~307ish, TP 300~298ish, SL 312.39
HTHT Short, Enter 46.8ish, TP 45.5ish, SL 47.79
IJH Short, Enter 270.4ish, TP 268ish, SL 272.15
Please feel free to express your ideas and thoughts in the comment section.
