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U.S. equity index futures green: Nasdaq 100 up >1%
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U.S. Jan durable goods < est; ex-transport > est
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Euro STOXX 600 index advances ~1.4%
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Dollar, crude slip; gold edges up; bitcoin gains >2%
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U.S. 10-Year Treasury yield falls to ~3.91%
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S&P 500 INDEX: 50- and 200-DMA FLIRTATION (0900 EST/1400
GMT)
The S&P 500 index slid 2.7% last week for its biggest
weekly decline so far this year. With this, the benchmark index
ended at 3,970.04 on Friday, flirting with some important
support levels, including its 50- and 200-day moving averages:
The SPX ended below the support line from its October low as well as its 50-day moving average (DMA) on Friday. The 50-DMA will now present a hurdle at around 3,980 on Monday. The broken support line is resistance at around 4,005. Traders are also eyeing the February 10 low, at 4,060.79, as an important swing level. The index used its 200-DMA as support on Friday. This long-term moving average should reside around 3,940 on Monday. The broken resistance line from the January 2022 record high should be support at around 3,920 on Monday, and the January 19 low was at 3,885.54. Meanwhile, e-mini S&P 500 futures are suggesting an SPX bounce of more than 30 points at the open, so traders will be watching to see how the index acts and ends vs support and resistance for clues into what the next trend may be.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
