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U.S. equity index futures mixed, little changed; Nasdaq
100 up
~0.3%
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Euro STOXX 600 index up ~0.6%
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Dollar, bitcoin edge up; gold, crude dip
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U.S. 10-Year Treasury yield ~flat at ~3.74%
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S&P 500 FUTURES: FENCED IN BY FIBONACCI (0900 EST/1400 GMT)
E-mini S&P 500 futures appear to be using a number
of tightly packed Fibonacci retracement levels as support and
resistance. A range breakout may tip the balance:
After hitting an intraday high of 4,208.50, and ending at
4,191.50, on February 2, the futures stalled. This as they
battled the 76.4%-78.6% Fibonacci retracement zone of the
August-October leg down in the 4,178.61-4,197.15 area, the
September 13 high at 4,208.00, and the 23.6% Fibonacci
retracement of the March 2020-January 2022 advance at 4,215.08.
EScv1 sold off around 3.5% over the next 6 trading days into
their 4,060.75 February 10 low.
The futures now appear to be using the 61.8% Fibonacci
retracement of the August-October leg down at 4,055.57 as
support.
In overnight action into Monday, the futures dipped as low
as 4,078.75 before snapping back. They are now up slightly
around 4,105.
Thus, traders are watching for a breakout of essentially,
the 4,055-4,209 area to potentially signal in which direction
the futures will next ratchet up or down.
The August 16 high was at 4,377.50.
The January 31 low was at 4,007.50, and the 50 and 200-DMAs
are now down in the 3,991-3,886 area.
That said, the futures are still making higher-highs and
higher-lows off their mid-December/early-January troughs,
suggesting a still intact uptrend.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
