By: Tom Gentile
on November 29th, 2022
The equities markets have traded lower for a third day in a row.
One may think this selling is overdue as the markets have made a nice bullish run higher since the October low.
Earnings season is not over yet, and we are still getting earnings news daily.
We have a jobs report / November payroll numbers due out this coming Friday.
And a potential market moving speech is going to happen tomorrow, November 30, 2022. This is when Federal Reserve Chair Jerome Powell makes a speech at the Hutchins Center on Fiscal and Monetary Policy at Brookings, which should shed some light on whether the central bank will slow or stop interest rate hikes.
Looking at the chart there isn’t a clear price that one could make a case for it being at a resistance level.
However, if you take a look at the chart on SPY from a Fibonacci Retracement view you’ll see SPY tested the 61.8% Fib level as what looks like a resistance level.
This may see the markets continue to slide back but barring the speech tomorrow from Fed Chair Powell and the jobs/payroll report Friday may stop this selling and result in the markets continuing their gains.
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