By Mark Cranfield, Bloomberg Markets Live commentator and analyst
S&P 500 futures have a distinctly bearish tone after a week of whiplash trading, which began with the post-Thanksgiving Day meltdown.
Though it hasn’t been a one-way street lower, intraday bounces for the contract have been fading at lower peaks.
That is a clear enough signal for short-term traders to see if they are positioned for a declining asset.
And even though non-farm payrolls did miss forecasts, the Fed won’t be derailed from its path to tighter policy.
Moreover, the blackout period ahead of the Dec. 15 FOMC decision begins this weekend, which means there won’t be any walking back of the hawkish noises heard this week.
The decline from November’s peak for S&P futures is starting to look like the turning point in a long march lower, which will set the pace for a global bear market next year.