Weekly Market WatchNovember 30, 2022Mid-Week OutlookKey Market LevelsThis Week / What We Are WatchingOutlook:The S&P’s Q4 rally is taking a pause this week as investors re-evaluate the state of the markets following the +14% rally off the October 2022 lows. After this week, there are just 19 trading days left in 2022. On the economic front, data picks up in the latter half of this week with the release of the ISM manufacturing index, and Friday’s big nonfarm payroll report.Last week in light holiday trading, stocks climbed as investors grew more hopeful of a slowdown in the future Fed funds rate. The release of the minutes from the early November meeting of the Federal Open Market Committee (FOMC) fed investors' optimism. Fed officials suggested the slowing of hikes may be coming soon. Investor sentiment was also lifted by unexpectedly strong retailer earnings, upside surprises in new economic data, and a better-than-expected consumer sentiment reading.The WSJ is reporting that holiday spending data is coming in okay despite inflation and the risks of recession. Store traffic rose 7% this Black Friday compared with last, said RetailNext, a firm that tracks shopper counts in thousands of stores with cameras and sensors. In-store sales rose 0.1%, and the average shopper spent less per visit than last year, according to the firm. Sensormatic Solutions, another firm that analyzes store traffic, said Black Friday traffic rose 2.9% compared with 2021.Sales on Black Friday rose 12% from last year, according to Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment. The report excludes auto sales and isn’t adjusted for inflation, meaning that it could reflect people paying higher prices for goods than they did in 2021 (source wsj.com; 11/27/22). Market Support Levels:The next level of resistance to watch for the S&P 500 on the upside is the 200-day moving average line at 4,065.The next levels of support to watch for the S&P 500 on the downside are at around 3,900, followed by 3,500.Recall these are key technical levels we look for the market to either hold or push through when look at the potential for future moves. Common support levels can be the 50- and 200-day moving averages as well as other technical levels such as previous market highs or lows.What we are Watching:The following economic data is slated to be released during the week ahead:Monday: ---Tuesday: Consumer Confidence (Nov.), S&P Case-Shiller Home Price Index (Sept.)Wednesday: Q3 GDP (Revised), JOLTS Job Openings (Oct.), pending home sales (Oct.).Thursday: Weekly initial unemployment claims, PCE deflator (Oct.), ISM Manufacturing (Nov.)Friday: Nonfarm Payrolls (Nov.) PREVIOUS NEWSLETTERS Market Watch - November 23, 2022Market Watch - November 16, 2022Market Watch - November 8, 2022Market Watch - October 31, 2022Market Watch - October 25, 2022Market Watch - October 18, 2022Market Watch - October 10, 2022Market Watch - October 3, 2022Market Watch - September 27, 2022Market Watch - September 22, 2022Market Watch - September 13, 2022Market Watch - September 6, 2022Market Watch - August 30, 2022Market Watch - August 23, 2022Market Watch - August 17, 2022Mid Year Outlook - August 8, 2022Market Watch - August 1, 2022Market Watch - July 25, 2022Market Watch - July 18, 2022Market Watch - July 12, 2022Market Watch - July 6, 2022Market Watch - June 27, 2022Market Volatility Update - June 21, 2022Market Watch - June 13, 2022Market Watch - June 6, 2022Market Watch - June 1, 2022Market Watch - May 16, 2022Market Watch - May 9, 2022Market Volatility Update - May 6, 2022Market Watch - May 2, 2022Market Watch - April 25, 2022Market Watch - April 18, 2022Market Watch - April 11, 2022Market Watch - April 5, 2022Market Watch - March 29, 2022Market Watch - March 21, 2022Market Watch - March 14, 2022Market Watch - March 8, 2022 Download "Retire Happy," Our Free Ebook! Are you looking forward to retirement? Are you really prepared for what lies ahead? Our free ebook can help you find out. Register today to receive your copy of "Retire Happy: A Simple Guide to Your Next Big Adventure." First Name Last Name Email Address Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.