EB Daily Market Report - Friday, January 6, 2023

Dear Members.

Today's report will be brief as Tom Bowley prepares for tomorrow's Market Vision 2023 webinar. Speaking of tomorrow's event, we'll be registering all of our members for Market Vision 2023 later today. You will receive an email from Zoom containing instructions to access tomorrow's webinar room. You will need to use the room link provided in the Zoom-generated email; we won't have a link posted on the site. If you have not received your unique link by tomorrow, or have other questions or concerns, reply to this message so a member of our team may assist you.

Today's jobs report could be seen as bullish, particularly as it pertains to the wage component which showed some softening. That seems to have resonated with the bulls who are looking for any indication that inflation is softening which in turn could result in a less aggressive Fed.

As you may recall, Tom pointed out in yesterday's DMR that the VIX was sending a bullish signal. So far today, that has been the case, but currently, the S&P is sitting almost exactly on its 20 day moving average of 3867, and a close above that level would be bullish while a close below might make some traders more skeptical as we head into the weekend. So let's keep an eye on this afternoon's action and then revisit come Monday.

Hope to see all of you at tomorrow's Market Vision 2023 event!

At your service,

John Hopkins