The S&P 500 fell Friday, after data showed job gains fell well short of estimates in November at time when concerns about the impact of Omicron on economic growth continue to dominate investor sentiment.

The S&P 500 fell 1.5%, the Dow Jones Industrial Average slipped 0.76%, or 261 points, the Nasdaq fell 2.5%.

“It was a colossal miss,” Darren Schuringa, CEO of ASYMmetric ETFs said in an interview with Investing.com on Friday, referring to weaker-than-expected job gains in November. “When I look at these numbers now, it is concerning for me from an economic strength standpoint.”

Nonfarm payrolls increased 210,000 in November, well below economists’ expectations for 550,000 new jobs.

Still, a deeper dive into the monthly jobs report pointed to signs of the strength in the labor market. The unemployment rate fell more than expected to 4.2% as the labor force participation rate rose 0.2% to 61.8% last month.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

NASDAQ 100 seems to be more into a higher degree of bearish correction lately - keeping major technicals in view and the building up of dovish momentum due to concerns on rise of omicron virus. NASDAQ 100 is likely to extend its losses towards 15294. If the aforementioned level is broken, a touch down at exponential moving average 200 in the daily time frame would be unevitable. On the hawkish side, its gonna be a tough job for the future index to take a hawkish exit from the bearish channel i.e a break out above 16417. But in order to that, exponential moving average 50 in the daily time frame has formed a strong resistance, only a breakout above would open doors towards 16096 and 16417. 

NASDAQ 100 Inside Narrow Bearish Window

Dec 06 2021

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