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S&P 500: Can Nonfarm Payrolls Save the Market From Another Move Lower?

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S&P 500: Can Nonfarm Payrolls Save the Market From Another Move Lower?
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Market Overview Analysis by Michael Kramer covering: S&P 500, NVIDIA Corporation, United States 3-Month, United States 10-Year. Read Michael Kramer's latest article on Investing.com

If the job report wasn’t today, then the chart below shows a broadening wedge, which resembles a bear flag, and that would suggest that the next break in the S&P 500 would be lower and towards 4,150.

So, one would think that unless there is some major surprise to the downside tomorrow in the jobs data, the process of the yield curve steepening should continue.) looks pretty bad. It has fallen below resistance, turned support at $93.25, and now sits just above resistance around $90.50.

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