EB Daily Market Report - Friday, May 3, 2024

Dear Members.

The bulls have been looking for any good news that might give them some momentum and they got it this morning with the April non-farm payroll report coming out "just right." The economy still added jobs, but not too many. The unemployment rate ticked up a notch and wages remained steady. All in all, something the Fed might look favorably on when it comes to interest rate decisions.

It's also helping that AAPL got a very positive response to its earnings report after the bell last night. So the combo of a "goldilocks" jobs report and a strong response to AAPL's report have all of the major indexes up nicely.

The next step to give the bulls even more confidence would be seeing the S&P close back above its 50 day moving average, currently at 5129. It crossed that level earlier in the session before pulling back some. So we should watch to see if it regains and closes above that level by day's end.

For sure the action today is quite bullish. Let's see how the market does in fact close and revisit come Monday.

At your service,

John Hopkins