EarningsBeats Digest

Published: Fri, 10/08/21

EarningsBeats.com Digest for October 8, 2021

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The S&P 500 Will Get Its Report Card on Friday Morning

Companies get their "report cards" quarterly when they report their quarterly earnings. I look at the monthly jobs report as the "report card" for the benchmark S&P 500. On Wednesday, the ADP Employment Report was released and it showed a strengthening economy. Private payrolls were revised to 340,000 for August and September's private payrolls totaled 568,000, so clearly things appear to be heating up. The more closely-followed Nonfarm Payrolls report is due out Friday morning at 8:30am ET. Consensus estimates have nonfarm payrolls pegged at 475,000, more than double the August number of 235,000. Here's how the technical picture looks for the S&P 500 right now:

A down channel remains in play here as we await the jobs numbers. Intraday, the S&P 500 cleared key gap resistance at 4419, but afternoon selling failed to hold that key area and the SPX fell right back into that channel. Let's see how Wall Street reacts to the Friday numbers and go from there. If the SPX closes beneath the recent closing low of 4300, I'd look for the 4255-4260 support area to come into play. If, however, the SPX rallies on Friday, I believe a move through Thursday's high of 4430 would be very bullish.

Happy Trading!

Tom Bowley
Chief Market Strategist

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