SPX Spotlight - Friday, Dec 6, 2024: Market Hits New Highs
Fueled by stronger-than-expected jobs data and mounting optimism for a holiday rally, the S&P 500 surged to a new record high. Investors reacted positively to the U.S. economy's resilience.
Introduction
SPX hits record high on strong jobs data with Tech leading the charge. The S&P 500 reached a new all-time high on Friday, December 6, 2024, closing at 6,090.27 after a robust jobs report bolstered investor confidence.
The SPX opened at 6,081.38, touched a high of 6,099.97, and closed at 6,090.27, up 0.25% for the day.
Technology stocks led the rally, with the Nasdaq composite climbing 0.8% to its own record high. Consumer discretionary stocks also saw gains, rising by 0.8%.
Market Drivers & Economic Reports
The market's surge was primarily fueled by the November jobs report. Employers added 227,000 jobs, slightly higher than anticipated, while the unemployment rate rose to 4.2%, in line with expectations. This data suggests a robust economy without overheating, reducing immediate inflation concerns.
Technical Analysis
SPX broke Thursdays trend to making new highs on Friday.
Rejection at 1.618 Fibonacci level - 6,099 level could be tested again on Monday.
Key liquidity zone to watch out for Mon, Dec 12, 2024.
6,091 liquidity zone can become a key support level if the market tries to make newer highs.
Market Sentiment and Key Indicators
Seems like markets are already pricing in a strong chance of Fed cutting the rates mid Dec by 25 bps.
VIX has enough fuel to drive the markets even higher.
Key Takeaways & What’s Next
Looking ahead, investors should watch if the SPX can hold above 6,081 as support. A move above 6,100 could signal a continuation of the current uptrend. The next major catalyst will be the Federal Reserve's interest rate decision scheduled for December 18.
Closing Thoughts
Do you think the SPX can maintain its momentum and break through 6,100 next week, or will we see a pullback after this record-setting run? Share your thoughts in the comments!