*
U.S. equity index futures slightly green: Nasdaq 100 up
~0.3%
*
Euro STOXX 600 index down ~0.2%
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Dollar ~flat; gold edges up; crude dips; bitcoin slips
*
U.S. 10-Year Treasury yield edges down to ~3.94%
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S&P 500 INDEX: RATTLED BY RATES BUT NOT YET WRECKED (0900
EST/1400 GMT)
The S&P 500 index suffered its biggest percentage
decline of the year on Tuesday as the U.S. 10-Year Treasury
yield neared 4% as rate worries rattled Wall Street.
Attention now turns to the release of the latest FOMC
minutes at 2 PM EST Wednesday as market players try to get a
better handle on what the Fed may be thinking in terms of its
rate-hike path.
Meanwhile, e-mini S&P 500 futures are edging up in
premarket trade, suggesting the SPX may regain around 5 points
at the open.
With its 2% drop on Tuesday, the benchmark index hit a low
of 3,995.19 before ending at 3,997.34. This has traders eyeing a
number of nearby support levels:
The support line from the October trough should come in
around 3,985 on Wednesday, while the rising 50-day moving
average (DMA) should ascend to around 3,980.
Below here, the January 25 low was at 3,949.06. The 200-DMA
should reside around 3,940, while the broken resistance line
from the SPX's record high, which should now act as support, at
around 3,930.
If the decline from the early-February high is to prove to
be just a pause in a developing advance, bulls will want to see
these levels contain weakness, otherwise chart damage can turn
more severe.
The January 30 low at 4,015.55 now offers initial resistance
ahead of the February 10 low at 4,060.79.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
