SP:SPX   S&P 500 Index
Fundamental PoV:
- Fade away recession fear for Q3
- Shift to hawkish Fed
- 75 bps rate hike is a done deal
- Escalation in Taiwan
- Possible another supply disruption

Overbought while market buying less hawkish the Jay Powell speech and now all the members turn hawkish. The green street U.S. Friday data confirmed that recession still far ahead, at least this fear will ease for the Q3.

Average Hourly Earnings (MoM) 0.5% 0.3% 0.4%
Average Hourly Earnings (YoY) 5.2% 4.9% 5.2%
Average Weekly Hours (Jul) 34.6 34.5 34.6
Government Payrolls (Jul) 57.0K -6.0K
Manufacturing Payrolls (Jul) 30K 17K 27K
Nonfarm Payrolls (Jul) 528K 250K 398K
Participation Rate (Jul) 62.1% 62.2%
Private Nonfarm Payrolls (Jul) 471K 230K 404K
U6 Unemployment Rate (Jul) 6.7% 6.7%
Unemployment Rate (Jul) 3.5% 3.6% 3.6%
Trade active: avrg 4138


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