[Platinum Insights] 11.30.22 Today’s Market and how it will move!

Markets are slightly up to flat this morning along with the price of oil as we wait for a speech later today from Fed Chairman Jay Powell. 

We have already heard from several FED presidents this week who have continued to support that higher interest rates for a longer period of time will be necessary to fight high inflation. I’d expect to hear the same from the Chairman. Fed Governors Lisa Cook and Michelle Bowman also are speaking today.  

Private hiring slowed sharply during November in a sign that the historically tight labor market could be losing some steam, according to a report Wednesday from payroll processing firm ADP. Companies added just 127,000 positions versus an expectation of 190,000.  

The S&P 500 – SPX had a full candle close under the 9-day SMA yesterday and is moving further away from its 200-day SMA. We have already had a negative crossover in the SS and the MACD is close to doing the same. 

The VIX has closed above its 9-day SMA for 3 days in a row with the SS and MACD moving in a more positive direction.  

The NASDAQ – NDX closed down again under the 9-day SMA and has found some support at the 20-day SMA. We also see momentum slowing with an RSI reading approaching fair value.  

The DJIA – DJI closed slightly below its 9-day SMA (which is rolling over) and is the only major index trading above its 200 day SMA (considered bullish). The MACD had a slight negative crossover following the SS which crossed over 3 days ago.  Major market indices are looking tired. The S&P was looking as if it would once again challenge its 200-day SMA but has since shown price action reversal.  

We are going to need to see more price action strength on the charts if we expect a Santa Claus rally in December. Maybe Chaiman Powell will give us some clarity today.  This information is for educational purposes only and is not a recommendation to buy or sell a security.