It was a bit of a seesaw week in the stock market, but, overall, the market seems to think everything is looking good. The May employment report indicated that the change in Non-Farm Payrolls (NFP) was stronger than expected. It came in at 272,000, significantly higher than the estimated 190,000. The unemployment rate climbed to 4%, and wages rose 4.1% in the past year. The market’s initial reaction? Well, treasury yields spiked after the report was released, and equity futures turned sharply lower. However, that didn’t last long. At one point, the S&P 500 reached a new all-time high but closed lower. The number of added jobs weakens the probability of an interest rate cut. But isn’t that what the market is expecting? Long-term, things are looking fine. Let’s take a closer look. Starting with the weekly chart of the S&P 500 ($SPX), it’s clear the trend is still bullish,…
