February Job Openings: 9.931M vs 10.4M consensus and 10.563M (revised from 10.824M). The number, the first time it has dropped below 10M since May 2021, shows that the job market is continuing to cool.
Chart: GOLD daily and 15 mins
Gold extends gains passed $2,000/oz, which pushing closer to its all-time record high of ~$2,070, as the U.S. dollar and Treasury yields weakened after U.S. government data showed job openings dropping to a 21-month low and factory orders falling.
The Dow Jones Industrial Average, Nasdaq Composite, and S&P 500 logged relatively modest losses today as the resilience to selling that drove yesterday's price action dissipated. Initially, the main indices all moved higher, but gains quickly faded, and the market traded near its worst levels of the day for most of the session.
Chart: SPX daily and 15 mins
From daily chart, as I mentioned yesterday, the recent pull was too fast and too optimistic, and already extended from daily and weekly EMAs, therefore, correction is expected. But recent economic data was like giving everyone a positive sign that the market will back to quick bull mode. Finally, after 10 AM EST the JOLTs data released, 9.931M was way below market's expectation, and makes everyone feel like the FED will not raise its interest rate and inflation have been controlled properly. But I still opened some short position, if it's not news like the FED gonna drop interest rate immediately, then possibly still exist. Roma can not been build by one day, and I think the overall market will continue to go up but go like perma bulls, it's not like making all-time high in this year. Everything needs time to fix to calm.
So far, as you guys can see, still extended from 8&21 EMAs on daily chart, and yesterday's 4080ish level, can not be trust. Therefore, I will hold my short positions, maybe use yesterday's high as my stop out at the market open. My short target is not gap filling, as what the market so far, it is still very positive, what I am looking far is price correct back to EMAs, so 4060ish level is what I am looking for. After that, I will see how the market reacts in this area. And this Friday, while market close, we still have Non-farm payroll coming out.
Gold extends gains passed $2,000/oz, which pushing closer to its all-time record high of ~$2,070, as the U.S. dollar and Treasury yields weakened after U.S. government data showed job openings dropping to a 21-month low and factory orders falling.
The Dow Jones Industrial Average, Nasdaq Composite, and S&P 500 logged relatively modest losses today as the resilience to selling that drove yesterday's price action dissipated. Initially, the main indices all moved higher, but gains quickly faded, and the market traded near its worst levels of the day for most of the session.
From daily chart, as I mentioned yesterday, the recent pull was too fast and too optimistic, and already extended from daily and weekly EMAs, therefore, correction is expected. But recent economic data was like giving everyone a positive sign that the market will back to quick bull mode. Finally, after 10 AM EST the JOLTs data released, 9.931M was way below market's expectation, and makes everyone feel like the FED will not raise its interest rate and inflation have been controlled properly. But I still opened some short position, if it's not news like the FED gonna drop interest rate immediately, then possibly still exist. Roma can not been build by one day, and I think the overall market will continue to go up but go like perma bulls, it's not like making all-time high in this year. Everything needs time to fix to calm.
So far, as you guys can see, still extended from 8&21 EMAs on daily chart, and yesterday's 4080ish level, can not be trust. Therefore, I will hold my short positions, maybe use yesterday's high as my stop out at the market open. My short target is not gap filling, as what the market so far, it is still very positive, what I am looking far is price correct back to EMAs, so 4060ish level is what I am looking for. After that, I will see how the market reacts in this area. And this Friday, while market close, we still have Non-farm payroll coming out.
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