Mixed open as the market rethinks the jobs report a bit

<p>Stocks moved lower after the "stronger" US jobs report, but there has been a reevaluation after looking at some of the details (see <a href="https://www.forexlive.com/news/why-us-dollar-gave-back-all-the-non-farm-payrolls-gains-20240105/" target="_blank" rel="follow">Adam's post here</a>). </p><p>Is it more of a Goldilocks scenario vs too strong as initially thought? Having said that, the market has to get over its bearish bias and take back some of the bearish technicals as well. </p><p>The major indices opened mixed but all 3 indices are now trading higher. A snapshot of the market currently shows:</p><ul><li>Dow Industrial Average is up 18 points or 0.05% at 37460</li><li>S&amp;P index is up 10 points or 0.22% at 4699</li><li>Nasdaq index is up 28 point or 0.18% at14537.20</li></ul><p>Technicallly, for the Nasdaq index it fell – and closed – below its 200-hour MA for the first time since November 1 yesterday. That MA comes in at 14599.32 (green line on the chart below). Getting back above that MA is needed to give the buyers some positive mojo from a technical perspective in the short/medium term. Be aware. </p><p>For the S&amp;P index, it fell away from its 100-hour MA at 4745.62 but remains above its 200-hour MA at 4662.70. The bias is, therefore, a bit mixed but being below the 100 hour MA for the first time since November 1, puts the short-term burden of proof on the buyers to take the price back above the 100-hour MA. A move below the 200 hour MA would be more bearish going forward. </p>

This article was written by Greg Michalowski at www.forexlive.com.