Market update – October 7/22

Markets tanked again today after US employment data showed 263,000 new jobs, leaving the US labour market conditions very tight as the unemployment rate dropped to just 3.5%.  This crushed any hopes the Federal Reserve will pivot anytime soon on its aggressive rate hiking path.

As a result, the S&P 500 dropped 104.86 points or 2.80%.

With this quick turnaround, the September 30th low becomes key support. The bearish (negative) sentiment remains extreme so that 3585 level should hold, allowing for another relief rally. The target high for any rally here would be the 100-DMA level, around 3950.  Trend Letter subscribers will get a complete update on Sunday covering stock, precious metals, commodities, currencies and bonds – it  is all connected.

There are a lot of reasons for the markets to continue lower before we ultimately see the bottom. If you do not have a hedging strategy in place, seriously consider subscribing to Trend Technical Trader (TTT). Although TTT now covers many sectors, it was originally designed as a hedging service, giving subscribers several strategies to protect their portfolios in down markets like we are experiencing now.  We will keep our Special Offer open this weekend for those who want to understand what is happening in the markets and how to apply effective hedging strategies.

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