EB Daily Market Report - Friday, November 4, 2022

Dear Members.

A very brief update as Tom Bowley prepares for tomorrow's "Understanding Market Manipulation" webinar that will begin at 10:00 am EST. All members will be sent room instructions prior to the start of the event.

The market has been all over the map today after a better than expected jobs report showed the economy is humming. In some markets a strong jobs report would be seen as quite positive. In this one it is being seen more as inflationary and thus the continued volatility with all of the major indexes now in the red.

For now, let's keep an eye on yesterday's low of 3698 on the S&P as a move below that level could lead to additional selling. To the upside, any move back above today's high of 3796 would have to be considered positive. The good news for the bulls is we remain in a very bullish time of the year. And, in spite of the Fed's aggressive action this week, the S&P remains well above the most recent low. To me that says the worst of the selling could be over. Nonetheless, treading lightly at the moment makes a lot of sense.

At your service,

John Hopkins