^GSPC Today, January 10: Jobs Miss, Best Week Since Nov
Canadian investors scanning forex factory saw a softer US jobs report and a firmer S&P 500 today. Nonfarm payrolls rose 50,000 while unemployment fell to 4.4%, cutting Fed rate cut odds for January to roughly 3%-5%. The S&P 500 (^GSPC) trades near 6,900, pushing for its best week since November as attention turns to Tuesday’s US CPI. We break down what this means for CAD exposure, rate expectations, and positioning into the next key print.
S&P 500 pushes toward best week since November
S&P 500 today hovers near 6,902, off 0.28% intraday, with a day range of 6,891.56 to 6,920.38 and a year high at 6,978.36. Weekly momentum remains firm despite today’s dip, setting up the best week since November. Traders on forex factory will note that a mild pullback into CPI can help reset short-term overbought conditions while keeping the uptrend intact.
Momentum is constructive: RSI sits at 57.5, MACD is above signal by 2.78, and the upper Bollinger Band is 6,980.35. ADX near 12 suggests no strong trend, so catalysts matter. With ATR around 59, a typical daily swing could test 6,843–6,961. A decisive move through 6,980 opens 7,000+, while failure risks a drift to the mid-6,800s.
For Canadians, US equity strength offsets growth worries and supports diversified RRSP and TFSA allocations. Rate-sensitive growth can lead when yields slip, while value benefits if inflation cools. We also watch USD/CAD because currency can add or subtract from returns. Many will time entries around CPI using the forex factory calendar and tighter stop ranges.
Jobs miss cools cut bets; CPI up next for rates and FX
US payrolls rose 50,000 in December and unemployment fell to 4.4%. The mix signals slower hiring but a still-tight labour market. That combination lifted equities, as cooling growth can tame inflation while avoiding a sharp downturn. For a concise recap, see reporting from CNN.
Fed rate cut odds for January slipped to roughly 3%-5% as markets await CPI. A soft print would revive near-term cuts; a sticky reading could push easing into later meetings. Yields and equities are trading the same data, so watch both. Bloomberg notes employers stayed cautious on hiring here. Forex factory users will track these odds closely.
If CPI cools, US yields may fall, which often softens the US dollar. That could lift CAD, supporting unhedged US equity gains for Canadian investors. If inflation surprises high, yields and USD can pop, pressuring CAD. We will monitor USD/CAD into and after CPI using forex factory event timing and consensus estimates.
Practical trading plan for Canadians this week
Key reference levels: 6,920 resistance, 6,892–6,900 as near-term pivot, support around 6,866–6,870 (Bollinger mid) and 6,752 (lower band). Year high sits at 6,978.36. With ATR near 59, S&P 500 today can move about 0.85% in a typical session. We plan around CPI with limit orders and pre-set stops, not market orders.
We size positions smaller than usual into Tuesday and widen stops to reflect the 59-point ATR. If we hold US assets unhedged, a CAD bounce can trim returns, so partial USD/CAD hedges can help. We also lean on the forex factory calendar to manage timing risk around CPI and Fed communications.
For RRSPs and TFSAs, we avoid outsized bets before a binary print. Dollar-cost averaging and staged entries can reduce regret. Consider whether to hedge currency on US equity ETFs based on your view of CAD. We confirm event windows on forex factory and adjust orders to avoid slippage during the CPI release window.
Final Thoughts
A softer US jobs report, with 50,000 added and 4.4% unemployment, trimmed near-term Fed rate cut odds to 3%-5% but lifted risk appetite into CPI. For Canadians, the setup is clear: watch 6,920 resistance and 6,866–6,870 support on the S&P 500, track USD/CAD as yields shift, and size positions for a 59-point ATR. Use limit orders and staged entries, and prepare a hedge plan if a hotter CPI drives USD higher. We will time decisions around the CPI release using forex factory, then reassess breadth, yields, and the 6,978 year high. Stay flexible, data-driven, and ready to pivot after the print.
FAQs
What did the US jobs report show?
It showed 50,000 payroll gains in December and a 4.4% unemployment rate. The mix points to slower hiring, but not a deep downturn. Stocks firmed as investors saw reduced inflation pressure ahead of Tuesday’s CPI, while still believing growth can hold. We will confirm details as more data arrives.
How did the report change Fed rate cut odds?
Fed rate cut odds for January slipped to about 3%-5%, as markets want CPI confirmation before pricing early easing. A cooler CPI could revive near-term cuts, while a sticky print pushes expectations to later meetings. We expect yields and USD to react first, then equities follow.
What S&P 500 levels should Canadians watch this week?
We are watching 6,920 as near-term resistance, the 6,892–6,900 pivot, 6,866–6,870 at the middle band, and 6,752 near the lower band. The year high is 6,978.36. Around CPI, typical daily swings near 59 points can widen, so plan entries and stops with extra room.
How can I use forex factory for this setup?
Check the forex factory calendar for the exact CPI release time and consensus forecast. Set alerts 15–30 minutes before and after the event. Consider smaller position size, wider stops, and limit orders. After the print, reassess USD/CAD, yields, and S&P 500 levels before scaling positions.
Disclaimer:
The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.
