If we don’t make a big intraday move on Friday, I suspect we should see the market move more when we come back next week. , The SandP 500 is slightly lower in trading on Thursday after the ADP jobs report came in much stronger than expected. As a result, many traders are beginning to worry about whether the Fed will continue to tighten monetary policy, which I honestly believe it will. The Nonfarm Payroll numbers will be released on Friday, and that in itself will have a huge impact on what happens next. If the job number is exceptionally hot, you will likely see the market break down and take the market below the 3800 level. Advertisement Stock Markets Crash Again Buy Dips Now! On the other hand, if we break above the 50-day EMA and apparently the 3900 level, the market could go much higher, possibly reaching the 200-day EMA closer to the 000 level. Keep in mind that we have been in a downtrend for some time, so it makes sense that even if there is a rally, there will be many sellers looking to participate. Noise Ahead The market continues to see a lot of noisy behavior and of course it’s amazing how many people are waiting for the Fed to come to the rescue. No matter what the Fed says, they always seem to find a reason to doubt what they will do. I think it’s obvious that the Fed will still be tight for a while, and so I have no reason to fight them. If we don’t make a big move during the day on Friday, I suspect we should see a bigger move in the market when we come back next week. Ultimately, the market will likely continue to fall apart, possibly reaching the 3800 level, followed by the 3700 level and finally the 3600 level. I think that’s the most likely outcome, but if we rally, I’ll be looking for signs of exhaustion to start shorting. It’s not that we can’t get together, I just don’t think there’s any real reason for it to continue. I believe this will ultimately make us salespeople.