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Employment Numbers in Short Week-5Jul,2022

Market Outlook – Traders treading water – levels of support will be critical to hold.

Here’s a look at the landscape – I’ll be starting each week with the color comparison so that we can see where the drift of investments is flowing short term and longer term.

6mo still shows outsized growth in energy
1mo snapshot shows profit taking across the board
1wk shows the rotation back into energy and defensive stock and utilities

For today, I’ll be watching to see if semiconductors continue to take a beating else I will let that move be a knee jerk due to the ransomware attack on AMD that was announced and the general chip shortage keeping optimal supply chain mechanics from working

The key numbers to watch are still the same – 375 for SPY, 275 for QQQ, 3793 for ES and 11350 for NQ

The 4 day week will push reports later by a day and we continue to watch how the Fed attempts to reduce the balance sheet