SoundsgoodTFtalks

Make Corrections or Not

Long
SP:SPX   S&P 500 Index
chart 1.1
As showed in chart 1.1, 15mins for SPX, SPX is still extended from 8&21 daily EMAs.
Following Wednesday's huge rally, there wasn't much up or down price action for the stock market after some mild turbulence coming out of the gate. Nonetheless, it was a pretty good day for the bulls since sellers were reluctant to undo Wednesday's gains. There might have also been an element of trepidation in Thursday's trade as participants awaited the November; Employment Situation Report today at 8:30 a.m. Market participants were contending with the idea that they might have overreacted Wednesday, and that the growth environment is going to be challenging given the past rate hikes and the rate hikes that are yet to come.
Economists expected 200K payroll additions in November and for the unemployment rate to hold steady at 3.7%. Hourly earnings are seen decelerating to +0.3% growth from +0.4% in October. The jobs report will be crucial in setting rate hike expectations and terminal rate forecasts just ahead of the next FOMC meeting. The general line of thinking is that if the employment report is stronger than anticipated, the market could take a dip on concerns the Federal Reserve will be more aggressive with rate hikes, while a weak print could raise hopes the interest rate cycle will be more favorable.
From the tech side, if the Non-Farm Employment and Unemployment Rate both disappointed that might be good to try some buy around 4050ish level and use 4020ish momentum bar low as stop out. If overall bearish then use yesterday high as stop out and do price correction trade back to 8&21 EMA area. However, I still pretty bullish about this market, therefore, I am expecting some retracement and hope market will give me some chance around 4010ish. And some high tech stocks from the bottom still attractive. Like AMZN and NIO even IQ .
Chart 1.2 ideas about AMZN
Chart 1.3 ideas about NIO

Please feel free to express your ideas and thoughts in the comment section.




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