The SPX reacted strongly higher following the NFPs with the only fundamental excuse being “weaker wage growth”. Today’s price action puts that rally in question.
Chart Of The Day series – 9 January 2023
The rebound higher so far is orderly, contained within an ascending channel and today’s gravestone doji might be a warning sign. A break below 3800 is needed to confirm in which case we are looking for at least a move to 3700. Resistance is at the 200DMA at 3978 and a break above it invalidates that view.
SPX downtrend
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Steve Voulgaridis
