S&P 500 in short-covering recovery
Following the goldilocks jobs report, US stocks rallied and added to their rebound from the second of Thursday's session. However, the markets remain in a longer-term bear trend and are not out of the woods. The Fed is going to be tightening its policy aggressively in coming months, which should put a ceiling on asset prices.
The bears must now wait for the correct signal before stepping in. We could see a bit of reversal here as the S&P tests resistance around 4017. But what I would like to see is for the index to go back below Thursday's hammer head. That would be bearish. The move doesn't necessary have to happen on Friday, but whenever we get such a bull trap sign, watch out below for the longer-term trend is bearish.
The bears must now wait for the correct signal before stepping in. We could see a bit of reversal here as the S&P tests resistance around 4017. But what I would like to see is for the index to go back below Thursday's hammer head. That would be bearish. The move doesn't necessary have to happen on Friday, but whenever we get such a bull trap sign, watch out below for the longer-term trend is bearish.
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