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U.S. equity index futures rise slightly: Nasdaq 100 up
~0.5%
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Euro STOXX 600 index up ~0.6%
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Dollar, crude down; gold up; bitcoin slides >4%
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U.S. 10-Year Treasury yield slides to ~3.99%
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S&P 500 INDEX: MOVING AVERAGE COBWEB STILL STICKY (0900
EST/1400 GMT)
Heading into Friday, the S&P 500 index is clinging to
a gain of about 0.3% for the week. If strength holds into the
close, the benchmark index can snap a three-week losing streak.
That said, the SPX continues to struggle to decisively pull away from, one way or the other, the range defined by its sticky 50- and 200- day moving averages:
For four out of the past five trading days, the S&P 500, which ended Thursday at 3,981.35, has closed inside the zone defined by its 50-day moving average (DMA), which should be resistance at around 3,985 on Friday, and its 200-DMA, which should be support around 3,940. Last Monday, the SPX managed to finish less than three points above the 50-DMA before quickly sinking to test the 200-DMA on Wednesday and Thursday.
The broken support line from the October trough is now resistance at around 4,028. The February 10 low, at 4,060.79, is seen as an important swing level.
The broken resistance line from the January 2022 record high should be support at around 3,905 on Friday, and the January 19 low was at 3,885.54. Meanwhile, e-mini S&P 500 futures are suggesting an SPX bounce of around 20 points at the open. Thus, traders will be watching to see if the index can build on this push, leading to a more forthright close above the 50-DMA.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
