S&P 500 : Down pending the monthly employment report

March 09, 2023 at 07:51 am EST
By Laurent Polsinelli

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Check out the trading range breakout 3928 / 4001

Pending the monthly US employment data tomorrow, the S&P500 is expected to drop 0.3% in early trading as traders remain concerned about the Fed's monetary policy after Jerome Powell's hawkish comments. The U.S. index ended timidly up 0.14% at 3992 points yesterday.

The only statistic on the agenda is the weekly unemployment figures released at 08:30. The consensus is for 195K versus 190K last week.

In hourly data, the consolidation continues. If there is no positive reaction at the opening, the S&P500 could soon test the 3928 mark, corresponding to its lows from the beginning of the month.

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Laurent Polsinelli

Index and derivatives Analyst

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