EB Daily Market Report - Friday, March 8, 2024

Dear Members.

This morning's jobs report so far has satisfied the bulls with all of the major indexes moving higher. This includes both the S&P and NASDAQ hitting fresh all time highs.

Though the number of jobs added for February exceeded expectations, the unemployment rate moved a few ticks higher to 3.9 and the wage component wasn't high enough to spook traders.

One could argue that the market has gotten a bit frothy here but try telling that to the bulls. Instead, in the rare cases where there's any selling, buyers seem more than happy to step right in.

We've now got a new high on the S&P of 5189 so that is new resistance. To the downside the S&P touched 5056 earlier in the week and the 20 day is just above that level so this is an area to watch in case we actually to see a pullback.

Next week should be interesting with monthly options expiring on March 15 and with the high likelihood that there are a disproportionate number of calls to puts. That in and of itself might not be enough to give the bears the advantage but it might put a lid on stocks and could lead to some profit taking. But for now, the bulls have the clear advantage.

Tom will be back with his Weekly Report on Monday.

At your service,

John Hopkins