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How I’m Gauging Price Action as Bulls Lose Momentum

by | Dec 2, 2022

The major indexes fell Friday morning on stronger-than-expected jobs data — and more in Friday’s stock market recap.

November non-farm payrolls increased 263,000, well above the 200,000 increase expected.

And while a strong jobs report is good news for American workers, investors are worried that a healthy labor market will give the Federal Reserve more reason to continue raising interest rates.

This is the last monthly employment data before the Fed begins its two-day meeting on Dec. 13, where the central bank is expected to raise rates by 0.50% instead of the previous 0.75% — though, chances for a 75-point hike are rising.

chart showing odds of the Fed raising rates 0.75% versus 0.50%

In this morning’s stock market recap video, I’ll reveal how algorithms are distorting technical price levels in the major indices… what to expect from employment data… whether the bond market is overbought or oversold… the technical price levels on the Communication Services sector… which sectors remain in play to the upside… and why you need to focus on internals right now!

Don’t forget to like, subscribe and leave your comments and questions on our YouTube videos — we will respond!

P.S. Death to the “Dip Buyers”

“Buying the dip” has been the go-to for the past dozen or so years.

For the most part, traders could toss in a few bucks and come out on top a few months later…

But what happens when the dip just keeps… dipping?

That’s been a very real scenario over the past 11 months… 

And the way things are shaping up… it doesn’t look like the market will “bounce back” any time soon…

So it’s time to fight back!

New Money Crew’s Lance Ippolito is hosting a training class that doesn’t cost a dime to attend, and he’ll teach traders how to leverage a different part of the market…

Get Access Here

P.P.S. When it comes to trading, every second counts. And in choppy markets like these, often driven by headlines, stocks can make big moves in a flash.

That’s why I want you to get my latest trading ideas and market updates as fast as possible. So I’m rolling out an all-new option for my students to receive trade alerts with Telegram!

Telegram allows me to get trade ideas, videos and watchlists to you in a matter of seconds.

Check out this short article we put together with instructions on how to download telegram and access my private channel. Go here to get the details. 

Stock Market Recap: By the Numbers

This morning’s stock market futures recap:

DOW (mini)

  • Close: 34,395.01.
  • Futures: 34,033.
  • Change: -401.

S&P 500 (mini)

  • Close: 4,076.57.
  • Futures: 4,022.75.
  • Change: -59.

NASDAQ (mini)

  • Close: 12,041.9.
  • Futures: 11,827.75.
  • Change: -235.

RUSSELL (mini)

  • Close: 1,881.68.
  • Futures: 1,855.3.
  • Change: -28.4.

Note: Updated as of 9:29 a.m. ET

On Fridays, we’ll review the week that was… We’ll discuss how our trades did, what we learned and how to apply it to next week’s trading plan, and any developing trade setups. This video will put a bow on the week. We’ll also go over winners from my different member strategies.

Need help understanding some basics that we discuss frequently? Check out some of our educational pieces to help get yourself up to speed! Have a question or a topic you’d like us to explain in a future article? Send your thoughts to support@marketgeeks.com!

Check back each morning for the Roger Scott newsletter and the most important news and numbers in the WealthPress stock market recap.

WRITTEN BY<br>Roger Scott

Roger Scott

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