The S&P 500 maintains a cautiously bullish stance, though elevated yields and deepening liquidity stress continue to weigh on sentiment. Yields fell yesterday after a strong September NFP print, but market confidence deteriorated sharply after the BLS announced that October and November labor data will only be released after the Fed’s December rate decision—widely seen as political pressure from the Trump administration to secure a rate cut.
NFP September: +119K jobs (vs 50K expected), unemployment at 4.4% (highest since Oct 2021), wage growth at 0.3% MoM / 3.8% YoY, participation at 62.4% (best since May). Jobless claims fell to 220K.
Despite the September rebound, opacity over current labor conditions has heightened policy uncertainty and market discomfort.
Key Levels: Support 6,471.8 │ Resistance 6,760.0
Investor Takeaway: RSI 37 below MA with strong MACD sellers; delayed labor data and potential Fed interference raise volatility and undermine forward visibility.