EB Daily Market Report - Friday, September 5, 2025

Dear Members:

Traders anxiously awaited today's non farm payroll report and when the numbers were released there was an initial move higher but as we near the end of the trading day and week all of the gains plus some have evaporated.

Traders initially liked the "bad news" - a lower than expected jobs number but after the news sunk in may have realized that lower rates might be coming, but at what cost?

In any event, we saw a new all time high print on the S&P of 6532 before selling kicked in. We're also seeing gold up sharply with bond yields down sharply on this morning's news.

Now that the peak of the earnings season is over and the jobs report is out of the way, what's next? You can be sure that traders will be looking for any fresh information to confirm the Fed will be cutting rates including next week's PPI and CPI which will come out Wednesday and Thursday, respectively. 

In the meantime, we know resistance on the S&P is now at that new all time high of 6532 and to the downside we'll want to see if the 20 day moving average, currently at 6433 - close to being tested earlier in the session - holds.

Tom will be back with his Weekly Report next Monday.

At your service,

John Hopkins