{"id":15674,"date":"2017-08-04T22:03:42","date_gmt":"2017-08-05T02:03:42","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=15674"},"modified":"2017-08-04T22:03:42","modified_gmt":"2017-08-05T02:03:42","slug":"nasdaq-and-sp500-meet-resistance","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2017\/08\/04\/nasdaq-and-sp500-meet-resistance\/","title":{"rendered":"Nasdaq and S&#038;P500 meet resistance"},"content":{"rendered":"<p>July labor stats are out and shows the jobless rate fell to a 16-year low at 4.3%. Unemployment below the long-term natural rate suggests the economy is close to capacity and inflationary pressures should be building.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" title=\"Unemployment below the long-term natural rate\" alt=\"Unemployment below the long-term natural rate\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2017\/2017-08-04-jobless.png?w=525&#038;ssl=1\" \/><\/p>\n<p style=\"text-align:right;font-size:.9em;color:#999999;\">Source: St Louis Fed, BLS<\/p>\n<p>But hourly wage rates are growing at a modest pace, easing pressure on the Fed to raise interest rates.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" title=\"Hourly Wage Rates\" alt=\"Hourly Wage Rates\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2017\/2017-08-04-hourlyrates.png?w=525&#038;ssl=1\" \/><\/p>\n<p style=\"text-align:right;font-size:.9em;color:#999999;\">Source: St Louis Fed, BLS<\/p>\n<p>Fed monetary policy remains accommodative, with the monetary base (net of excess reserves) growing at a robust 7.5% a year.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" title=\"Hourly Wage Rates\" alt=\"Hourly Wage Rates\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2017\/2017-08-04-fed.png?w=525&#038;ssl=1\" \/><\/p>\n<p style=\"text-align:right;font-size:.9em;color:#999999;\">Source: St Louis Fed, FRB<\/p>\n<p>Our forward estimate of real GDP &mdash; Nonfarm Payroll * Average Weekly Hours &mdash; continues at a slow but steady annual pace of 1.79%.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" title=\"Real GDP compared to Nonfarm Payroll * Average Weekly Hours\" alt=\"Real GDP compared to Nonfarm Payroll * Average Weekly Hours\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2017\/2017-08-04-realgdp.png?w=525&#038;ssl=1\" \/><\/p>\n<p style=\"text-align:right;font-size:.9em;color:#999999;\">Source: St Louis Fed, BLS &amp; BEA<\/p>\n<p>The Nasdaq 100 has run into resistance at 6000. No doubt readers noticed Amazon [AMZN] and Alphabet [GOOG] both retreated after reaching the $1000 mark. This is natural. Correction back to the rising trendline would take some of the heat out of the market and provide a solid base for further gains. Selling pressure, reflected by declining peaks on Twiggs Money Flow, appears secondary.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" title=\"Nasdaq 100\" alt=\"Nasdaq 100\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2017\/2017-08-04-ndx.png?w=525&#038;ssl=1\" \/><\/p>\n<p>The S&amp;P 500 is also running into resistance, below 2500. Bearish divergence on Twiggs Money Flow warns of moderate selling pressure but this again seems to be secondary &mdash; in line with a correction rather than a reversal.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" title=\"S&amp;P 500\" alt=\"S&amp;P 500\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2017\/2017-08-04-spx.png?w=525&#038;ssl=1\" \/><\/p>\n<p style=\"text-align:right;font-size:.9em;color:#999999;\">Target 2400 + ( 2400 &#8211; 2300 ) = 2500<\/p>\n","protected":false},"excerpt":{"rendered":"<p>July labor stats are out and shows the jobless rate fell to a 16-year low at 4.3%. Unemployment below the long-term natural rate suggests the economy is close to capacity and inflationary pressures should be building. Source: St Louis Fed, BLS But hourly wage rates are growing at a modest pace, easing pressure on the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2017\/08\/04\/nasdaq-and-sp500-meet-resistance\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Nasdaq and S&#038;P500 meet resistance&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,46,57,34],"tags":[1313,1722,2340,2401,2415,2870,3010,3531],"class_list":["post-15674","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-deficit-spending-employment","category-stock-markets","category-us-canada-countries-regions","tag-excess-reserves","tag-hourly-wage-rates","tag-monetary-base","tag-nasdaq-100","tag-natural-long-term-rate-of-unemployment","tag-real-gdp","tag-sp-500","tag-unemployment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Nasdaq and S&amp;P500 meet resistance - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nasdaq and S&amp;P500 meet resistance - the patient investor\" \/>\n<meta property=\"og:description\" content=\"July labor stats are out and shows the jobless rate fell to a 16-year low at 4.3%. Unemployment below the long-term natural rate suggests the economy is close to capacity and inflationary pressures should be building. 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Nonfarm payrolls rose by a seasonally adjusted 222,000 from the prior month, the Labor Department said. The unemployment rate ticked up to 4.4% from 4.3% the prior month as more people joined the workforce..... Source:\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16261,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/05\/12\/no-fed-squeeze-in-sight\/","url_meta":{"origin":15674,"position":1},"title":"No Fed Squeeze in Sight","author":"Colin Twiggs","date":"May 12, 2018","format":false,"excerpt":"In January I warned that the Fed's normalization plan, which will shrink its balance sheet at the rate of $100 billion in 2018 and $200 billion a year thereafter, would cause Treasury yields to rise and the Dollar to weaken. 10-Year Treasury yields are now testing resistance at 3.0 percent.\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16023,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/10\/23\/fed-flunks-econ-101\/","url_meta":{"origin":15674,"position":2},"title":"Fed flunks econ 101?","author":"Colin Twiggs","date":"October 23, 2017","format":false,"excerpt":"Caroline Baum's opinion on the Fed's approach to inflation: For all the sturm und drang about the Fed debasing the dollar and sowing the seeds of the next great inflation, the public\u2019s demand for money has increased. The increased desire to hold cash and checkable deposits has risen to meet\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57369,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/09\/07\/sp-500-retreats-as-jobs-growth-disappoints\/","url_meta":{"origin":15674,"position":3},"title":"S&#038;P 500 retreats as job growth disappoints","author":"Colin Twiggs","date":"September 7, 2024","format":false,"excerpt":"The Fed is expected to cut rates by 25 basis points in September, but investors are edgy as liquidity tightens and labor reports continue to disappoint. Stocks All seven mega-cap technology stocks declined on Friday, led by a sharp -8.4% fall on Tesla [purple below]. The S&P 500 fell 1.7%\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Top 7 Technology Stocks","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-09-06-big7.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-09-06-big7.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-09-06-big7.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":42925,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/07\/08\/strong-jobs-report\/","url_meta":{"origin":15674,"position":4},"title":"Strong jobs report, more rate hikes","author":"Colin Twiggs","date":"July 8, 2023","format":false,"excerpt":"The latest BLS Labor Report shows the economy gained 209,000 jobs in June, after seasonal adjustments. Average weekly hours worked rebounded to 34.4, showing stronger demand. Continued claims (for unemployment insurance) have been trending lower since April. The unemployment rate fell to 3.6% in June, from 3.7% in May, close\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Job Gains","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-07-07-jobs.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-07-07-jobs.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-07-07-jobs.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":42365,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/06\/01\/no-free-lunches-with-a-tight-labor-market\/","url_meta":{"origin":15674,"position":5},"title":"No free lunches with a tight labor market","author":"Colin Twiggs","date":"June 1, 2023","format":false,"excerpt":"US job openings for April ticked up to 10.1 million, from 9.7 million in March. The gap above unemployment also widened -- by half a million, from 3.9 million in March to 4.4 million in April. Unemployment (3.4%) is at the lowest level in seventy years. The tight labor market\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Job Openings & Unemployment","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-05-31-jolts-u3.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-05-31-jolts-u3.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-05-31-jolts-u3.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/15674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=15674"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/15674\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=15674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=15674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=15674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}