EB Daily Market Report - Tuesday, September 9, 2025

Dear Members.

Tom is visiting StockCharts.com this week and asked me to give a brief market update today.

Employment revisions this morning showed a much higher than expected number of job losses than anticipated which on the surface should be seen as a negative. The market response? All of the major indexes are higher on hopes that the Federal Reserve will follow through with a rate cut when they meet next week.

It is an interesting phenomenon; lose a bunch of jobs and it's seen as a positive. However, our focus is more on how the market reacts and how the charts look and so far traders do not seem overly concerned.

We're going to get some more important economic data tomorrow when PPI for August is released followed by CPI on Thursday. Again, no way of knowing how the market will react but recently just about any news - positive or negative - seems to be taken in stride.

The all time high on the S&P reached the other day is 6532 which is now resistance. To the downside the 20 day moving average is currently at 6446 so we should consider that as the first key level of technical support.

September has a reputation as being rough on traders; so far that has not been the case. But things can change quickly so let's at least be ready to shift gears if necessary.

At your service,

John Hopkins