Although NFP was above concensus it is still down 211K from last month which is -40% difference, unemployment increase, average wages decrease. A good bullish response on the day but not enough to keep away further short interest. Whilst the Fed is still taking 'forceful' steps to curb inflation I still look for the Dow to continue falling. Next U.S. CPI release on the 13th September, this will give further clarity on the Fed's progress.
Fed Chairman Jerome Powell warned that the U.S. economy will face “some pain” as the central bank continues raising interest rates aggressively.