Rocket Equities & Options Report 05-05-23
The jobs number was out at 8:30 and unemployment is at 3.4% while wages increased 0.5% M/M vs 0.3% expected.
Look for market weakness to continue today, we may get a chance to short this market depending on how the open looks and how it trades with volume. 4,116 is the .382 retracement in the ES, and the 4,150 area is the .618 of this week's move lower in the market.
As long as wages are running hot it is going to be very difficult for inflation to get anywhere near 2%. The market is marginally higher right now after this number, but I expect lower prices will eventually show up in this market today after a rally higher.
Stay tuned for updates!