The Markets are Selling Off Ahead of the Jobs Report

Tom Gentile

Posted in
Big Picture

By: Tom Gentile
March 9th, 2023

2 mins read

Iam off to my him in New Zealand for a week, but I will still have Daily Market Insight articles coming your way from me and my team.

The thing to really know about what’s going on with the financial markets is selling.  At least that has been the case this week as Chairman Powell spooked the market bulls intimating inflation is still a pain in the butt and interest rate hikes are still going to persist.

The Fed started to reduce the amount of the rate hike from a half-point to a quarter of a point, but it seems they may have to go back up to that half-point this next time.

That is not an indicator things are improving and the fact they may have to go higher again gives an indication the Fed doesn’t have things as much on hand as the markets would like.

Figure 1: 120-Day Candle Chart with Fibonacci
Figure 1: 120-Day Candle Chart with Fibonacci

Jobs Report

It seems like no one wants to be too long or get long equities ahead of the employment numbers due out tomorrow morning.

Figure 2: Economic Reports Due tomorrow morning: image from
Figure 2: Economic Reports Due tomorrow morning: image from

If there is any kind of buying to close today it could be those that are covering shorts ahead of the economic reports in the event they surprisingly come in giving indication things are more in line with what the Fed says they need to see to indicate they may not have to be as aggressive in their approach.

If the numbers support what Fed Chair Powell spoke of earlier in the week the SPY chart, Figure 1 shows pending support levels on a continued sell off.

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