Analysts described the report as “Goldilocks,” but trading on the jobs data and the glimmer of hope that the world’s largest economy might avoid a recession could be “hazardous,” one expert said.
Friday’s U.S. jobs report for August gave a little good news to just about everyone — with overall job gains and hourly wages moderating by enough to have traders pull back a bit on expectations for interest rate-hikes by the Federal Reserve, while still reflecting a healthy pace of hiring.
“I look at the S&P 500 as being in a perfect technical bear market and maybe going back to the low from June 16,” Emons said via phone. “The moving averages are closely watched because they tell you the momentum of the index, and they are saying that it’s still to the downside.”
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