SPY Rebound: Targeting $690 as Payroll Data Looms
Markets aren't paying attention to US payroll (labor market data)
$SPDR S&P 500 ETF Trust(SPY)$ will need to break this $684 level to climb higher towards $690 (it should hit within 10 days) Key level of support is at $678-$680 (check chart to confirm)
The day the market revealed its direction without saying a word.
While headlines focused elsewhere, SPY climbed for a second straight session (this is why Dec 15 $690 is a good swing play)
SPY rose 0.2%, extending the cautious rebound from November’s pullback.
Treasuries firmed. The Dollar strengthened.
Bitcoin surged above $93,000, hitting a two-week high after shedding more than $1 trillion in value during the recent downturn.
The tape moved before the narrative caught up.
All of it is happening ahead of one catalyst:
Private payrolls and the ADP report. With official labor data still delayed, the ADP print has become the market’s compass.
Markets expect a slowdown in private-sector hiring and weaker November service-sector activity the data that would solidify expectations for a rate cut next week.
Crypto followed the shift. Ether and major altcoins climbed as the broader digital-asset space attempts a recovery after one of its worst drawdowns in years.
Equity strategists say gains may continue into 2026 but warn the path will be turbulent.
Valuations remain stretched.
Tech still carries the entire market’s weight.
Something bigger is forming under the surface. History always starts with days that look ordinary.
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