JOBS REPORT UPSETS BULLS’ HOPIUM BUT THEY MIGHT NOT CARE, LAYOFFS HELP META AND AMAZON ADD $275B IN MARKET CAP
By Nigam Arora & Dr. Natasha Arora
To gain an edge, this is what you need to know today.
Blowout Jobs Report And Earnings
Please click here for a chart of S&P 500 ETF (SPY) which represents the benchmark stock market index S&P 500 (SPX).
Note the following:
- The chart shows a rally after a shallow pullback.
- The chart shows that the shallow pullback approached but did not penetrate the high band of the support zone. From a technical perspective this is a positive.
- The chart shows an attempt of a new breakout. This new breakout would have likely followed through if it was not for the jobs report data upsetting bulls’ hopium this morning.
February 2, 2024