SPY Technical Analysis for Friday September 01, 2023
Bullish Bias Despite Hourly Hiccup: MSS and Support Levels Analyzed
Anticipating the Fed: Wall Street Eyes Upcoming Jobs Report and Policy Impact
Stocks ended a volatile month on a subdued note, influenced by mixed economic data and in anticipation of an important jobs report that could impact Federal Reserve policy. Bond yields dropped while the dollar gained value.
The S&P 500 saw a slight loss on Thursday, its first monthly dip since February. This was attributed to both profit-taking and the Fed's stance on maintaining higher interest rates to curb inflation.
The Fed's inflation gauge showed its smallest consecutive increases since late 2020, boosting consumer spending. Markets largely absorbed this data, reflecting the U.S. economy's mixed signals.
Wall Street awaits Friday's labor market report for insights into the Fed's potential moves. The report indicates that employers added nearly 170,000 jobs in August, keeping the unemployment rate steady at a historic low of 3.5%.1
False Breakout of Hourly Rectangle but SPY Swept Liquidity at 451.70
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